The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019 Selling, general, and administrative expenses Accounts payable Research and development expenses Loss from discontinued operations, net of tax savings of $6,000 Provision for income taxes Net sales Interest expense Net cash provided by operations Cost of goods sold $ 61,200 102,000 44,400 19,200 88,800 694,800 76,800 177,600 326,400 Required: a. Calculate the operating income for Spenser Co. for the year ended December 31, 2019. SPENSER CO. Operating Income Statement For the year ended December 31, 2019 $ 694,800 Net sales 326,400 Cost of goods sold $ 368,400 Gross profit Expenses: Selling, general, and administrative expenses Research and development expenses 61,200 44,400

The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019 Selling, general, and administrative expenses Accounts payable Research and development expenses Loss from discontinued operations, net of tax savings of $6,000 Provision for income taxes Net sales Interest expense Net cash provided by operations Cost of goods sold $ 61,200 102,000 44,400 19,200 88,800 694,800 76,800 177,600 326,400 Required: a. Calculate the operating income for Spenser Co. for the year ended December 31, 2019. SPENSER CO. Operating Income Statement For the year ended December 31, 2019 $ 694,800 Net sales 326,400 Cost of goods sold $ 368,400 Gross profit Expenses: Selling, general, and administrative expenses Research and development expenses 61,200 44,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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