Madison Company had the following information for the year. Calculate Operating Income. $95.000 Net Income $52,000 Operating Expenses Cost of Goods Sold 350,000 Interest Expense 5,000 Interest Revenue 2,000 Net Sales 500,000 $50,000 $55,000 O $52,000 $150,000 Question 17 Which of the following is not an element of internal control? O Monitoring Information and communication. O Budgeting O Control environment. Question 16 Which of the following is not an objective of internal control? O Safeguarding assets. O Ensuring accurate financial information O Compliance with laws and regulations. O Ensuring profitable operations. 2.5 pts Which of the following would be shown on a multiple-step income statement for a merchandising company but not a single-step income statement? O Cost of goods sold O Net sales O Operating income Interest expense Which of the following is not an example of a debit memo? O Bank service charge. O All of these are examples of a debit memo. O Collection of a customer's receivable by the bank. O Customer's NSF check