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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.
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