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The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019: Selling, general, and administrative expenses Accounts
The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019: Selling, general, and administrative expenses Accounts payable Research and development expenses Loss from discontinued operations, net of tax savings of $8,000 Provision for income taxes Net sales Interest expense Net cash provided by operations Cost of goods sold $ 106,000 170,000 77,000 24,000 35,000 948,000 97,000 296,000 521,000 Required: a. Calculate the operating income for Spenser Co. for the year ended December 31, 2019. Required: a. Calculate the operating income for Spenser Co. for the year ended December 31, 2019. Answer is not complete. SPENSER CO. Operating Income Statement For the year ended December 31, 2019 Net sales $ 948,000 Cost of goods sold 521,000 $ 427,000 Expenses: Selling, general, and administrative expenses Research and development expenses Interest expense Provision for income taxes Operating income $ 106,000 77,000 97,000 35,000 X 315,000 $ 112,000 b. Calculate the company's net income for 2019. Answer is complete but not entirely correct. Net income $ 53,000
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