Calculate the operating income for spenser co

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Reference no: EM13535524

Calculate operating income and net income The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2010:

Selling, general, and administrative expenses

$ 51,000

Accounts payable

85,000

Extraordinary gain from lawsuit settlement, net of tax expense of $28,000.

104,000

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, 2010.

b. Calculate the company's net income for 2010.

Reference no: EM13535524

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