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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
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 $ 71,400 119,000 Research and development expenses 51,800 Loss from discontinued operations, net of tax savings of $7,000 Provision for income taxes 22,400 103,600 Net sales 810,600 Interest expense Net cash provided by operations 89,600 207, 200 380,800 Cost of goods sold 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 $ 810,600 Net sales 380,800 Cost of goods sold Gross profit $ 429,800 Expenses: Selling, general, and administrative expenses Research and development expenses 123,200 $ 306,600 $ 71,400 51,800 b. Calculate the company's net income for 2019.
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