The Following Information Has Been Provided by Flatiron Company for the Year

question 62

Essay

The following information has been provided by Flatiron Company for the year ended December 31,2019:
Net income was $71,000;
Income tax expense was $47,000;
Dividends declared and paid totaled $7,500;
Interest expense was $8,700;
Loss on sale of plant assets was $15,000;
Operating expenses for rent,wages,and insurance totaled $91,000;
Cash collected from customers was $220,000.

Calculate Flatiron's operating income.

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Definitions:

Therapeutic Alliance

The relationship between therapist and client that develops as a warm, caring, accepting relationship characterized by empathy, mutual respect, and understanding.

Psychotherapy

Therapy for mental disorders in which a person with a problem talks with a psychological professional.

Bilateral Anterior Cingulotomy

Psychosurgical technique in which an electrode wire is inserted into the anterior cingulate gyrus, with the guidance of magnetic resonance imaging, to destroy a very small portion of that brain area with electric current.

Major Depression

A mood disorder characterized by persistent feelings of sadness, hopelessness, and a lack of interest or pleasure in activities.