(Question and Answer): Smith Corporation has provided the following information:

Smith Corporation has provided the following information:

Cash sales totaled $135,000.
Credit sales totaled $289,000.
Cash collections from customers for services yet to be provided totaled $48,000.
An $10,000 gain from the sale of property and equipment occurred.
Interest income totaled $8,700.

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(Question and Answer): Smith Corporation has provided the following information:
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How much of these items were included in operating income?

$434,000

$490,700

$432,700

$472,000

Expert Answer

 

S.No Particulars Amount
(a) Cash Sales $ 135,000
(b) Credit Sales $ 289,000
(c) Gain from the sale of property and equipment $ 10,000
(d) Operating Income [(a) + (b) + (c)] $ 434,000

Therefore, the right option is (a) $ 434,000.

Note: Cash collected from customers for services yet to be provided and Interest Income shall not form part of Operating Income. Hence, same have been ignored.

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