Robinson 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 plant 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.Income tax expense was $8,000.How much was Robinson's operating income?Group of answer choicesa)$221,800b)$322,000c)$199,800d)$234,000e)$226,000

Operating income can be calculated by deducting total operating expenses from total revenue.

Answered: Robinson Company has provided the…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Robinson 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 plant 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.
Income tax expense was $8,000.