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.