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Question - Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2013, follows:
Gross profit
$414,000
General and administrative expenses
80,000
Net cash used by investing activities
107,000
Dividends paid
50,000
Interest expense
64,000
Net sales
746,000
Advertising expense
75,000
Accounts payable
103,000
Income tax expense
85,000
Other selling expenses
43,000
Required:
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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