A financial analyst at SPJ Manufacturing Corporation has assembled the following data for the last fiscal year. All data is in millions (M).
Gross sales $10M
Returns and allowances $1M
Cost of gold sold $3M
Operating expenses $ 2M
Interest expenses $0.5M
Taxes $0.1M
Cash dividends $0.4M
Common stock $1M
What is the net income or loss for the SPJ Manufacturing Corporation for the last fiscal year?
a. net income of $3M
b. net loss of $4M
c. net loss of $3M
d. net income of $4M