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Calculate income from operations and net income Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2013, follows:
Net cash provided by operations
$ 49,000
Cost of goods sold
155,000
Selling, general, and administrative expenses
62,000
Accounts payable
45,000
Dividends paid
68,000
Research and development expenses
15,000
Merchandise inventory
39,000
Provision for income taxes
420,000
Net sales
32,000
Interest expense
a. Calculate income from operations (operating income) for the year ended December 31, 2013.
b. Calculate net income for the year ended December 31, 2013.
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