Lantz Company has provided the following information: Cash sales totaled $330,000. Credit sales totaled $493,000. Cash collections from customers for services yet to be provided totaled $93,000. A $29,000 loss from the sale of property and equipment occurred. Interest income was $9,100. Interest expense was $19,300. Supplies expense was $400,000. Rent expense for the store was $32,000. Wages expense was $53,000. Other operating expenses totaled $83,000. Unearned revenue was $3,700. What is the amount of Lantz's income from operations (operating income)? O $214,800 O $185,800 O $318,000 O $226,000

Lantz Company has provided the following information: Cash sales totaled $330,000. Credit sales totaled $493,000. Cash collections from customers for services yet to be provided totaled $93,000. A $29,000 loss from the sale of property and equipment occurred. Interest income was $9,100. Interest expense was $19,300. Supplies expense was $400,000. Rent expense for the store was $32,000. Wages expense was $53,000. Other operating expenses totaled $83,000. Unearned revenue was $3,700. What is the amount of Lantz's income from operations (operating income)? O $214,800 O $185,800 O $318,000 O $226,000

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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