Reference no: EM133085772

Question - The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2019:

Net cash provided by financing activities $100,000

Dividends paid 18,500

Loss from discontinued operations, net of tax savings of $42,600 127,800

Income tax expense 25,505

Other selling expenses 12,300

Net sales 640,400

Advertising expense 47,700

Accounts receivable 60,300

Cost of goods sold 365,028

General and administrative expenses 142,500

Required -

a. Calculate the operating income for Manahan Co. for the year ended December 31, 2019.

b. Calculate the company's net income for 2019.