Problem: Use the appropriate information from the data provided below for the year ended December 31, 2009 to calculate the following:
a. Operating income
b. Income from continuing operations
c. Net income
Cost of goods sold $117,000
General and administrative expenses 48,000
Net cash provided by financing activities 69,000
Dividends paid 16,000
Extraordinary loss from a flood, net of
tax savings expenses of $32,000 74,000
Income tax expense 11,000
Other selling expenses 26,000
Net sales 278,000
Advertising expense 39,000
Accounts receivable 33,000