Lantz Company has provided the following information: Cash sales totaled $350,000. Credit sales totaled $495,000. Cash collections from customers for services yet to be provided totaled $95,000. A $20,000 loss from the sale of property and equipment occurred. Interest income was $9,300. Interest expense was $19,500. Cost of goods sold was $450,000. Rent expense was $34,000. Salaries expense was $55,000. Other operating expenses totaled $85,000. Unearned revenue was $3,500. How much was Lantz's operating income? Multiple Choice $190,800 $221,000 $316,000 $210,800 Colby Corporation has provided the following information: Operating revenues were $206,700. Operating expenses were $118,000. Interest expense was $8,600. Gain from sale of plant and equipment was $3,600. Dividend payments to Colby's stockholders were $7,600. Income tax expense was $36,000. Prepaid rent expense was 6,000 . How much was Colby's net income? Multiple Choice $47,700 $40,100 $48,700 $52,700