Quick Company has provided the following information:
Cash sales totaled $255,000.
Credit sa...
Quick 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.
Income tax expense was $8,000.
How much was Quick's operating income?
a) $221,800.
b) $322,000.
c) $199,800.
d) $234,000.
e) $226,000.
Answers: 1
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