ZuoTi.Pro
Question

Lant Company has provided the following information: • Cash sales totaled $230,000. • Credit sales totaled...

Lant Company has provided the following information: • Cash sales totaled $230,000. • Credit sales totaled $483,000. • Cash collections from customers for services yet to be provided totaled $83,000. • A $19,000 loss from the sale of property and equipment occurred. • Interest income was $8,100. • Interest expense was $18,300. • Supplies expense was $300,000. • Rent expense for the store was $33,000. • Wages expense was $43,000. • Other operating expenses totaled $73,000. • Unearned revenue was $3,500. What is the amount of Lant’s income from operations (operating income)?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1
Answer
Lant’s income from operations (operating income)
Operating revenues = $230,000 + $483,000 = $713,000
Operating expenses = $300,000 + $33,000 + $43,000 + $73,000 = $449,000
Operating income = $713,000 - $449,000 = $264,000
0 1
Add a comment
Know the answer?
Add Answer to:
Lant Company has provided the following information: • Cash sales totaled $230,000. • Credit sales totaled...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Lant Company has provided the following information: • Cash sales totaled $260,000. • Credit sales totaled...

    Lant Company has provided the following information: • Cash sales totaled $260,000. • Credit sales totaled $486,000. • Cash collections from customers for services yet to be provided totaled $86,000. • A $22,000 loss from the sale of property and equipment occurred. • Interest income was $8,400. • Interest expense was $18,600. • Supplies expense was $360,000. • Rent expense for the store was $36,000. • Wages expense was $46,000. • Other operating expenses totaled $76,000. • Unearned revenue was...

  • Lant Company has provided the following information: . Cash sales totaled $260,000. • Credit sales totaled...

    Lant Company has provided the following information: . Cash sales totaled $260,000. • Credit sales totaled $486,000. Cash collections from customers for services yet to be provided totaled $86,000. . A $22,000 loss from the sale of property and equipment occurred. • Interest income was $8,400. • Interest expense was $18,600. • Supplies expense was $330,000. . Rent expense for the store was $36,000. • Wages expense was $46,000. . Other operating expenses totaled $76,000. . Unearned revenue was $3,400....

  • • Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for...

    • 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. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...

  • Newark Company has provided the following information: • Cash sales, $450,000 • Credit sales, $1,350,000 •...

    Newark Company has provided the following information: • Cash sales, $450,000 • Credit sales, $1,350,000 • Selling and administrative expenses, $330,000 • Sales returns and allowances, $90,000 • Gross profit, $1,360,000 • Increase in accounts receivable, $55,000 • Bad debt expense, $33,000 • Sales discounts, $43,000 • Net income, $1,030,000 How much cash was collected from customers? A) Cash flow increased $1,295,000. B) Cash flow increased $1,745,000. C) Cash flow decreased $1,855,000. D) Cash flow increased $1,405,000.

  • The company provided the following information. (a)   Cash sales for the year were $50,000; sales on...

    The company provided the following information. (a)   Cash sales for the year were $50,000; sales on account totaled $60,000. (b) Cost of goods sold was $55,000. (c)   All inventory is purchased on account. (d) Depreciation on building was $31,000 for the year. (e)   Depreciation on equipment was $2,000. (f)   Cash collections of accounts receivable were $38,000. (g) Cash payments on accounts payable for inventory equaled $39,000. (h)   Rent expense paid in cash was $11,000. (i)   20,000 shares of common stock...

  • The Willie Company has provided the following information: Operating expenses were $355,000; Income from operations was...

    The Willie Company has provided the following information: Operating expenses were $355,000; Income from operations was $230,000; Net sales were $1,300,000; Interest expense was $75,000; Loss from sale of investments was $83,000; Income tax expense was $62,000. What was Willie's gross profit?

  • The Callie Company has provided the following information: Operating expenses were $243,000; Cost of goods sold...

    The Callie Company has provided the following information: Operating expenses were $243,000; Cost of goods sold was $336,000; Net sales were $930,000; Interest expense was $46,000; Gain on sale of a building was $83,000; Income tax expense was $116,400. What was Callie's income before taxes?

  • Question 17 (of 40) Newark Company has provided the following information: Cash sales, $610,000 Credit sales,...

    Question 17 (of 40) Newark Company has provided the following information: Cash sales, $610,000 Credit sales, $1,510,000 . Selling and administrative expenses, $490,000 . Sales returns and allowances, $106,000 Gross profit, $1,520,000 . Increase in accounts receivable, $71,000 . Bad debt expense, $49,000 . Sales discounts, $59,000 . Net income, $1,030,000 How much is Newark's cost of sales? O s484000 O $435,00o. O s600.000 O $364,000

  • The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts...

    The following account balances were taken from DJR Company’s accounting records at December 31, 2021: Accounts Payable ............ $69,000 Accounts Receivable ......... $56,000 Advertising Expense ......... $33,000 Building .................... $94,000 Cash ........................ $31,000 Common Stock ................ $82,000 Cost of Goods Sold .......... $30,000 Dividends ................... $19,000 Equipment ................... $86,000 Income Tax Expense .......... $17,000 Interest Expense ............ $11,000 Inventory ................... $54,000 Notes Payable ............... $96,000 Rental Revenue .............. $62,000 Retained Earnings ........... $60,000 (at January 1, 2021) Salaries Expense ...............

  • 4. The following information is provided for PG&E, a utility company that operates in California. For...

    4. The following information is provided for PG&E, a utility company that operates in California. For year ended Sales revenues $1,000,000 Rent expense 5,000 12/31/2021 Restructuring expense 12,000 Interest revenues 1.000 Interest expense 18.000 Loss from wildfires 1,000 Income tax expense 30,000 Dividends paid 8,000 Salary expense 20,000 Depreciation expense 30,000 Cost of goods sold 300,000 Inventory 18.000 Net income Determine gross profit, operating income, and net income. 16 points) Gross profit Operating income

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT