The following information is available from the accounting records of Manahan Co. for the year...
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Accounting
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 $37,133 | 111,400 | ||
| Income tax expense | 25,586 | ||
| Other selling expenses | 12,900 | ||
| Net sales | 642,800 | ||
| Advertising expense | 47,200 | ||
| Accounts receivable | 56,400 | ||
| Cost of goods sold | 366,396 | ||
| General and administrative expenses | 143,200 | ||
Required:
a. Calculate the operating income for Manahan Co. for the year ended December 31, 2016.
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b. Calculate the company's net income for 2016.
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