value: 1.00 points Selected information taken from the financial statements of V

Question

value: 1.00 points Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2016, follows Gross profit General and administrative expenses Net cash used by investing activities Dividends paid Interest expense Net sales Advertising expense Accounts payable Income tax expense Other selling expenses $206,000 41,000 53,000 26,000 31,000 372,000 38,000 51,000 19,000 21,000 Required a. Calculate income from operations (operating income) for the year ended December 31, 2016 Income from operations b. Calculate net income for the year ended December 31, 2016 Net income

Explanation / Answer

Solution a:

Solution b:

Computation of Operating Income - Verbeke Co.
For year ended December 31, 2016 Particulars Amount Gross Profit $206,000.00 Operating Expenses: Advertising expenses $38,000.00 Other Selling Expenses $21,000.00 General and administrative expenses $41,000.00 Operating Income $106,000.00

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