ACC 110 Chapter Notes - Chapter 5: Financial Statement, Accounts Receivable, Gross Profit
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6 Oct 2012
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Selected information taken from the financial statements ofVerbeke Co. for the year ended December 31, 2016, follows:
Gross profit | $413,000 |
General and administrativeexpenses | 84,000 |
Net cash used by investingactivities | 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 (operatingincome) for the year ended December 31, 2016.
b. Calculate net income for the year endedDecember 31, 2016.