1. Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2011.Cost of goods sold $117,000General and administrative expenses 48,000Net cash provided by financing activities 69,000Dividends paid 16,000Extraordinary loss from a flood, net of tax savings of $32,000 74,000Income Tax expense 11,000Other Selling Expenses 26, 000Net sales 278,000Advertising expense 39,000Accounts receivable 33,000
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