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Lantz Company has provided the following information:

Cash sales totaled $280,000.
Credit sales totaled $488,000.
Cash collections from customers for services yet to be provided totaled $88,000.

A $24,000 loss from the sale of property and equipment occurred.
Interest income was $8,600.
Interest expense was $18,800.
Supplies expense was $350,000.
Rent expense for the store was $38,000.
Wages expense was $48,000.
Other operating expenses totaled $78,000.
Unearned revenue was $3,300.

Required:
How much was Lantz's income before income taxes?

Respuesta :

Answer:

The answer is "$272,000"

Explanation:

[tex]\text{Operating revenues}[/tex] [tex]= \$ 280,000 + \$ 488,000 = \$ 786,000[/tex]

[tex]\text{Operating expenses}[/tex] [tex]= \$ 350,000 + \$ 38,000 + \$ 48,000 + \$ 78,000 = \$ 514,000[/tex]

[tex]\text{Operating income = Operating revenues- Operating expenses}[/tex]

                            [tex]= \$ 786,000 - \$ 514,000\\\\ = \$ 272,000[/tex]

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