The following information has been provided by Flatiron Company for the year ended December 31,2019:
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 for rent,wages,and insurance totaled $91,000;
Cash collected from customers was $220,000.

Calculate Flatiron's operating income.

Question

The following information has been provided by Flatiron Company for the year ended December 31,2019:
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 for rent,wages,and insurance totaled $91,000;
Cash collected from customers was $220,000.

Calculate Flatiron's operating income.

Quizplus · Accepted Answer

The Answer of The following information has been provided by Flatiron Company for the year ended December 31,2019:
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 for rent,wages,and insurance totaled $91,000;
Cash collected from customers was $220,000.

Calculate Flatiron's operating income.

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