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

question 74

Short Answer

The following information has been provided by Flatiron Company for the year ended December 31,2011:
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 totaled $91,000;
Cash collected from customers was $220,000.
How much was Flatiron's operating income?

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Definitions:

NREM Sleep

Non-Rapid Eye Movement sleep, a restorative sleep phase characterized by reduced physiological activity and is divided into stages reflecting depth of sleep.

REM Sleep

A stage of sleep characterized by rapid eye movements, more brain activity, and vivid dreams.

Brain Wave Pattern

Refers to the electrical activity in the brain, characterized by certain patterns detectible via EEG.

Awake and Alert

Being awake and alert refers to a state of consciousness where an individual is fully aware of their surroundings and able to react to stimuli.