Cash collections from customers for services yet to be


Question - 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?

Solution Preview :

Prepared by a verified Expert
Accounting Basics: Cash collections from customers for services yet to be
Reference No:- TGS02875570

Now Priced at $25 (50% Discount)

Recommended (98%)

Rated (4.3/5)