Lantz Company Has Provided the Following Information: • Cash Sales

question 109

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.
• Supplies expense was $336,000.
• Rent expense for the store was $36,000.
• Wages expense was $49,000.
• Other operating expenses totaled $79,000.
• Unearned revenue was $4,000.
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What is the amount of Lantz's income before income taxes?

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

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Definitions:

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