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August 11th, 2011Income Tax Preparation Software
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calculating income tax expense
Can someone explain how to calculate net income and operating income?.
This is the information available:
- selling, general and administrative expenses $51,000
- accounts payable 85,000
- extraordinary gain from lawsuit settlement, net of tax expense of $28,000 104,000
- research and development expenses 37,000
- loss from discontinued operations net of tax savings of $5,000 16,000
- provision for income taxes 74,000
- net sales 579,000
- interest expense 64,000
- net cash provided by operations 148,000
- cost of goods sold 272,000
How do I calculate operating income and net income? This is my first accounting class.Here is the answer in English - you will need to do the math -
Sales - Cost of Goods Sold = Gross Profit
Gross Profit - Sell, Gen Exp and Research and Develop Exp = Operating Income
Operating Income - Income Taxes = Net Income From Continuing Operations
Net Income From Con Op + Extra Gain - Loss From Disc Operations = Net IncomeA/P is on the balance sheet so not part of the income statement
Net cash from operations if found on the statement of cash flows, not the income statement
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Account limit of 2098 requests per hour exceeded. Free cash flow, FCFF & FCFE
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