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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.
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