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Q1) Use suitable information from data given below to compute operating income for year ended December 31, 2007. Make sure to label the answer clearly and illustrate all work.

Research and development expenses......................................86,000

Loss on discontinued operations ...............................................34,000

Income tax provision.................................................................68,000

Net Sales................................................................................1,022,000

Interest Expense.......................................................................72,000

Net cash provided by operations..................................................76,000

Gross profit................................................................................292,000

Selling and admin expenses.........................................................62,000

Accounts receivable....................................................................134,000

Extraordinary item net of tax........................................................90,000

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