Q1) Use suitable information from data given below to compute operating income for year ended December 31, 2007. Make sure to label the answer clearly and illustrate all work.
Research and development expenses......................................86,000
Loss on discontinued operations ...............................................34,000
Income tax provision.................................................................68,000
Net Sales................................................................................1,022,000
Interest Expense.......................................................................72,000
Net cash provided by operations..................................................76,000
Gross profit................................................................................292,000
Selling and admin expenses.........................................................62,000
Accounts receivable....................................................................134,000
Extraordinary item net of tax........................................................90,000