Question

Selected information taken from the financial statements of Verbeke Co. for the year ended December 31,...

Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2016, follows:

Gross profit $413,000
General and administrative expenses 84,000
Net cash used by investing activities 107,000
Dividends paid 54,000
Interest expense 65,000
Net sales 741,000
Advertising expense 76,000
Accounts payable 102,000
Income tax expense 81,000
Other selling expenses 44,000

Required:  

a. Calculate income from operations (operating income) for the year ended December 31, 2016.


b. Calculate net income for the year ended December 31, 2016.

Business   Accounting   
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Answer #1

a. Calculate income from operations (operating income) for the year ended December 31, 2016.

Gross profit 413000
General and administrative expenses -84000
Advertising expense -76000
Other selling expenses -44000
Income from operation (operating income) 209000

b. Calculate net income for the year ended December 31, 2016.

Income from operations 209000
Interest expense -65000
Income tax expense -81000
Net income 63000
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