Based on the data above, and assuming that total operating expenses were$160,000, the Income from Operations was:O $190,000O $102,000O $740,000O None of the aboveBackNextPage 5ver submit passwords through Google Forms.This form was created inside of Lebanese International University. Report Abuse Sales Retums and Allowances$ 410,000Sales Discount140,000Sales1,500,000Salaries Expenses - Sales52,000Rent Revenue22,000Purchases Returns and Allowances120,000Purchases600,000Loss from write down of Inventory17,000Inventory, January 1, 2020460,000Interest Expense55,000Gain from Sale of Building23,000Freight-out14,000Freight-in30,000Depreciation Expense - Sales22,000Cost of Goods Sold600,000

Income from operation means the gross profit less all operating expenses. All non operating…

Answered: Based on the data above, and assuming…

Based on the data above, and assuming that total operating expenses were $160,000, the Income from Operations was: O $190,000 O $102,000 O $740,000 O None of the above

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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Question

Based on the data above, and assuming that total operating expenses were
$160,000, the Income from Operations was:
O $190,000
O $102,000
O $740,000
O None of the above
Back
Next
Page 5
ver submit passwords through Google Forms.
This form was created inside of Lebanese International University. Report Abuse

Sales Retums and Allowances
$ 410,000
Sales Discount
140,000
Sales
1,500,000
Salaries Expenses - Sales
52,000
Rent Revenue
22,000
Purchases Returns and Allowances
120,000
Purchases
600,000
Loss from write down of Inventory
17,000
Inventory, January 1, 2020
460,000
Interest Expense
55,000
Gain from Sale of Building
23,000
Freight-out
14,000
Freight-in
30,000
Depreciation Expense - Sales
22,000
Cost of Goods Sold
600,000

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