How would I calculate the income from operations for the year December 31 2016, and how would I calculate net income for the year ended December 31 2016 using the following informatin?
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2016, follows:
Net cash provided by operations 24,000
Cost of goods sold 78,000
Selling, general, and administrative expenses 31,000
Accounts payable 22,000
Dividends paid 34,000
Research and development expenses 8,000
Merchandise inventory 43,000
Provision for income taxes 19,000
Net Sales 210,000
Interest expense 16,000