The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2016:
Net cash provided by financing activities | $ | 107,000 | |
Dividends paid | 19,900 | ||
Loss from discontinued operations, net of tax savings of $45,033 | 135,100 | ||
Income tax expense | 28,168 | ||
Other selling expenses | 10,400 | ||
Net sales | 646,000 | ||
Advertising expense | 45,800 | ||
Accounts receivable | 59,800 | ||
Cost of goods sold | 368,220 | ||
General and administrative expenses | 141,100 | ||
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b. Calculate the company's net income for 2016.
Manhan Co. | ||
Operating Income Statement | ||
For the year ended December 31 , 2016 | ||
Net Sales | $ 6,46,000 | |
Cost of goods sold | $ -3,68,220 | |
Gross profit | $ 2,77,780 | |
Expenses: | ||
Advertising Expense | $ -45,800 | |
Other selling expenses | $ -10,400 | |
General and administrative expenses | $ -1,41,100 | |
Total expenses | $ -1,97,300 | |
Operating Income | $ 80,480 | |
Income before tax | $ 80,480 | |
Income tax expense | $ -28,168 | |
Income from Continuing Operations | $ 1,08,648 | |
Loss from discontinued operations, Net of tax savings of $45033 | $ -1,35,100 | |
Net loss | $ 2,43,748 |
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