19.Cash sales totaled $255,000.Credit sales totaled $479,000.Cash collections from customers for services yet to be provided totaled$88,000.A $22,000 loss from the sale of property and equipment occurred.Interest income was $7,700.Interest expense was $19,900.Cost of goods sold was$336,000.Lantz Company has provided the following information:Rent expense was $36,000.Salaries expense was $49,000.Other operating expenses totaled $79,000.Unearned revenue was $4,000.How much was Lantz's operating income?A. $221,800.B. $322,000.C. $199,800.D. $234,000.

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Description: 19.Cash sales totaled $255,000.Credit sales totaled $479,000.Cash collections from customers for services yet to be provided totaled$88,000.A $22,000 loss from the sale of property and equipment occurred.Interest income was $7,700.Interest expense w

An operating income statement, also known as an income statement or profit and loss statement…

Business

Accounting

19. Lantz Company has provided the following information: Cash sales totaled $255,000. Credit sales totaled $479,000. Cash collections from customers for services yet to be provided totaled $88,000. A $22,000 loss from the sale of property and equipment occurred. Interest income was $7,700. Interest expense was $19,900. Cost of goods sold was $336,000. Rent expense was $36,000. Salaries expense was $49,000. Other operating expenses totaled $79,000. Unearned revenue was $4,000. How much was Lantz's operating income? A. $221,800. B. $322,000. C. $199,800. D. $234,000.

19. Lantz Company has provided the following information: Cash sales totaled $255,000. Credit sales totaled $479,000. Cash collections from customers for services yet to be provided totaled $88,000. A $22,000 loss from the sale of property and equipment occurred. Interest income was $7,700. Interest expense was $19,900. Cost of goods sold was $336,000. Rent expense was $36,000. Salaries expense was $49,000. Other operating expenses totaled $79,000. Unearned revenue was $4,000. How much was Lantz's operating income? A. $221,800. B. $322,000. C. $199,800. D. $234,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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