Lantz Company Has Provided the Following Information: Cash Sales Totaled

question 85

Multiple Choice

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 property 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.
Unearned revenue was $4,000.
How much was Lantz's income before income taxes?

• A) $553,800.
• B) $465,800.
• C)$199,800.
• D)$531,800.

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Definitions:

Land Title

A legal document or evidence that proves ownership of a piece of land.

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