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.