Calculate income from operations and net income Selected information taken from the financial statements of Fordstar Co. for the year ended December 31 2013, follows: Net cash provided by operations... Cost of goods sold.... Selling, general, and administrative expenses Accounts payable... Dividends paid.. Research and development expenses. Merchandise inventory... $ 49,000 155,000 62,000 45,000 63,000 15,000 39,000 Provision for income taxes 420 000 Net sales .... 32 000 Interest expense Calculate income from operations (operating income) for the year ended December 31, 2013. (Hint: You may wish to review Exhibit 2-2.) Calculate net income for the year ended December 31, 2013.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Calculate income from operations and net income Selected information
taken from the financial statements of Fordstar Co. for the year ended December 31
2013, follows:
Net cash provided by operations...
Cost of goods sold....
Selling, general, and administrative expenses
Accounts payable...
Dividends paid..
Research and development expenses.
Merchandise inventory...
$ 49,000
155,000
62,000
45,000
63,000
15,000
39,000
Provision for income taxes
420 000
Net sales ....
32 000
Interest expense
Calculate income from operations (operating income) for the year ended
December 31, 2013. (Hint: You may wish to review Exhibit 2-2.)
Calculate net income for the year ended December 31, 2013.
Transcribed Image Text:Calculate income from operations and net income Selected information taken from the financial statements of Fordstar Co. for the year ended December 31 2013, follows: Net cash provided by operations... Cost of goods sold.... Selling, general, and administrative expenses Accounts payable... Dividends paid.. Research and development expenses. Merchandise inventory... $ 49,000 155,000 62,000 45,000 63,000 15,000 39,000 Provision for income taxes 420 000 Net sales .... 32 000 Interest expense Calculate income from operations (operating income) for the year ended December 31, 2013. (Hint: You may wish to review Exhibit 2-2.) Calculate net income for the year ended December 31, 2013.
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