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Omega Company Financial Standing

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A. The following information is available for Omega Company for the year ending 12/31/2006.

Cost of goods sold $ 65,000
Net sales 122,000
Selling and administrative expenses 43,000
Other expenses and losses 17,000
Other revenues and gains 19,000

The company's effective tax rate is 10%. The company has 28,800 shares of common stock outstanding.

Required: Calculate (a) operating income, (b) income before taxes, (c) net income, and (d) EPS.

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Solution Summary

The following information is available for Omega Company for the year ending 12/31/2006.

Solution provided by:
Gaurav Agarwal, MS
Education
  • BE, Bangalore University, India
  • MS, University of Wisconsin-Madison
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