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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
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 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.
How much was Lantz's operating income?
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