Question
6 Problem 9-20 (Algo) Calculate operating income and net income LO 5 The following information is available from the accounting records of Spenser Co.
6 Problem 9-20 (Algo) Calculate operating income and net income LO 5 The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019: 1.33 points Selling, general, and administrative expenses $ 40,800 Accounts payable 68,000 Research and development expenses 29,600 Loss from discontinued operations, net of tax savings of $4,000 12,800 Skipped Provision for income taxes 59,200 Net sales 463,200 Interest expense Net cash provided by operations Cost of goods sold 51,200 118,400 217,600 eBook References Required: a. Calculate the operating Income for Spenser Co. for the year ended December 31, 2019. SPENSER CO. Operating Income Statement For the year ended December 31, 2019 Net sales Cost of goods sold $ 463,200 (217,600) Gross profit Expenses: Selling, general, and administrative expenses Research and development expenses Interest expense Loss from discontinued operations, net of tax savings Operating income b. Calculate the company's net income for 2019. Net income $ 40,000 29,600 59,200 (51,200) $ 245,600 77,600 $ 168,000
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