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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 $6,000 Provision for income taxes Net sales Interest expense Net cash provided by operations Cost of goods sold $ 61,200 102,000 44,400 19,200 88,800 694,800 76,800 177,600 326,400 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 0 Expenses: 0 $ $ 0 b. Calculate the company's net income for 2019. For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31, 2019: Required: a. Cash collected from customers during the year amounted to $825,000, and accounts receivable increased by $43,800. How much were sales on account for the year ended December 31, 2019? b. Cash payments for income taxes during the year were $174,000, and income taxes payable increased by $36,800. How much was income tax expense
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