The following information is available from the accounting records of Manahan Co. for the year ended December31, 2019:Net cash provided by financing activitiesDividends paidLoss from discontinued operations, net of tax savings of $70,000Income tax expenseOther selling expenses$168,00027,000155,00039,00020,000966,00067,000186,000552,000214,000Net salesAdvertising expenseAccounts receivableCost of goods soldGeneral and administrative expensesRequired:a. Calculate the operating income for Manahan Co. for the year ended December2019.MANAHAN CO.Operating Income StatementFor the year ended December 31, 2019Net sales$966,000Cost of goods sold552,000Gross profit$414,000Expenses:Operating income$414,000b. Calculate the company's net income for 2019.

Operating income is the income generated by the company as a result of the ordinary course of…

Required: a. Calculate the operating income for Manahan Co. for the year ended December 31, 2019. MANAHAN cO. Operating Income Statement For the year ended December 31, 2019 Net sales $ 966,000 Cost of goods sold Gross profit 552,000 $ 414,000 Expenses: Operating income $ 414,000 b. Calculate the company's net income for 2019.

Required: a. Calculate the operating income for Manahan Co. for the year ended December 31, 2019. MANAHAN cO. Operating Income Statement For the year ended December 31, 2019 Net sales $ 966,000 Cost of goods sold Gross profit 552,000 $ 414,000 Expenses: Operating income $ 414,000 b. Calculate the company's net income for 2019.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Question

The following information is available from the accounting records of Manahan Co. for the year ended December
31, 2019:
Net cash provided by financing activities
Dividends paid
Loss from discontinued operations, net of tax savings of $70,000
Income tax expense
Other selling expenses
$168,000
27,000
155,000
39,000
20,000
966,000
67,000
186,000
552,000
214,000
Net sales
Advertising expense
Accounts receivable
Cost of goods sold
General and administrative expenses
Required:
a. Calculate the operating income for Manahan Co. for the year ended December
2019.
MANAHAN CO.
Operating Income Statement
For the year ended December 31, 2019
Net sales
$
966,000
Cost of goods sold
552,000
Gross profit
$
414,000
Expenses:
Operating income
$
414,000
b. Calculate the company's net income for 2019.

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