Calculate operating income and net income The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2010:
|
Net cash provided by financing activities |
$112,000 |
|
Dividends paid. |
18,000 |
|
Extraordinary loss from flood, net of tax savings of $35,000 |
105,000 |
|
Income tax expense |
26,000 |
|
Other selling expenses. |
13,000 |
|
Net sales |
644,000 |
|
Advertising expense |
45,000 |
|
Accounts receivable |
62,000 |
|
Cost of goods sold |
368,000 |
|
General and administrative expenses. |
143,000 |
Required:
a. Calculate the operating income for Manahan Co. for the year ended December 31, 2010.
b. Calculate the company’s net income for 2010.