Lantz Company Has Provided the Following Information

question 68

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 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 income before income taxes?

• A)$553,800
• B)$465,800
• C)$487,800
• D)$531,800

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Definitions:

DHCP

Dynamic Host Configuration Protocol, a network management protocol used to automate the process of configuring devices on IP networks, enabling them to use the TCP/IP protocol based communications.

Flash Storage Devices

Solid state storage media that use flash memory to retain data, offering fast access speeds and resistance to physical shock.

Micro-SD

A compact, portable flash memory card used primarily for storage in mobile devices, such as smartphones and digital cameras.

Mini-SD

A smaller version of the Secure Digital (SD) memory card format, typically used in portable electronic devices like digital cameras and mobile phones for extended storage.