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shtirl [24]
2 years ago
13

Lantz Company has provided the following information: • Cash sales totaled $255,000. • Credit sales totaled $479,000. • Cash col

lections 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. What is the amount of Lantz's operating revenues?
Business
1 answer:
NNADVOKAT [17]2 years ago
3 0

Answer:

The amount of Lantz's operating revenue is $734,000

Explanation:

The computation of the operating revenue is shown below:

= Total cash sales + Total credit sales

= $255,000 + $479,000

= $734,000

Since we have to compute the operating revenue, so we considered only revenue part not expenses part

The other information which is mentioned in the question is not being considered because it is related to the operating expenses. So, ignored it.

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Paraphin [41]

The income before income taxes is 2024 understated by $1,890 and 2025 overstated by $1,890.

<h3>Income before taxes</h3>

Esquire Company journal entries

June 30, 2024

Debit Note receivable            $54,000

Credit Sales                              $54,000                  

Dec 31, 2024

Debit Interest receivable       $1,890

Credit Interest Income           $1,890

($54,000 x 7% x6/12)

March 31, 2025

Debit Cash      $56,835                      

Credit Interest receivable          $1,890

Credit Interest income          $945

($54000 x 7% x 3/12 )

Credit Note Receivable    $54,000

Therefore the income before income taxes is 2024 understated by $1,890 and 2025 overstated by $1,890.

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5 0
1 year ago
Red Barchetta Co. paid $27,860 in dividends and $28,815 in interest over the past year. During the year, net working capital inc
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Answer:

the company's cash flow from assets is - $42,880.

Explanation:

Cash flow from assets is also known as cash flow from investment activities.

Prepare <em>a section of cash flow from investing activities </em>to determine the cash flow from assets.

The only cash flow from investing activity is purchase price (cash outflow) of the assets of $42,880.

8 0
3 years ago
Naomi has a home loan amount of $120,000. Her monthly principal and interest payment is $679.00 for thirty years. How much inter
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Answer:

$124,440

Explanation:

Given a monthly principal and interest payment of $679, over the 30 year period, Naomi would have paid back

$679 * 30 year * 12 months in a year

= $244,440

With a loan amount of @120,000, the interest portion of the total repayment is therefore = total repayment less the loan amount

= $244,440 - $120000

= $124,440.

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3 years ago
While overall labor union membership has been declining over the last few decades, which type of workers has the highest percent
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The workers that have the highest percentage of union memberships are those in

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The unions are known to represent workers in terms of benefits, wages and labor hours.

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