Chapter 9, Problem 9.2ME

Mini-Exercise 9.2

LO 5

Calculate operating income and net income Selling, general, and administrative expenses were $66,000; net sales were $300,000; interest expense was $7,100; research and development expenses were $31,500; net cash provided by operating activities was $79,200; net income was $16,800; income tax expense was $7,600; cost of goods sold was $165,000.

Required:

1. Calculate operating income for the period.
2. Calculate net income for the period.