Question - 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 - $168,000
Dividends paid - 27,000
Loss from discontinued operations, net of tax savings of $70,000 - 155,000
Income tax expense - 39,000
Other selling expenses - 20,000
Net sales - 966,000
Advertising expense - 67,000
Accounts receivable - 186,000
Costs of goods sold - 552,000
General and administrative expenses - 214,000
Required:
a. Calculate the operating income for Manahan Co. for the year ended December 31, 2016.
b. Calculate the company's net income for 2016.