Question
The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2016: Selling, general, and administrative expenses $
The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2016:
Selling, general, and administrative expenses $ 51,000
Accounts payable 85,000
Research and development expenses 37,000
Loss from discontinued operations, net of tax savings of $5,000: 16,000
Provision for income taxes 74,000
Net sales 579,000
Interest expense 64,000
Net cash provided by operations 148,000
Cost of goods sold 272,000
Required:
a. Calculate the operating income for Spenser Co. for the year ended December 31, 2016.
b. Calculate the company's net income for 2016.
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