Lake Corporation reported the following amounts in its income statement: Sales revenue $ 440,000 Advertising expense 60,000 Interest expense 10,000 Salaries expense 55,000 Utilities expense 25,000 Income tax expense 45,000 Cost of goods sold 180,000 What was Lake's operating income

$120,000

Explanation:

Operating income is an element of the income statement. Income statement is the financial statement that shows the company's revenue and expenses.

The difference between the revenue and the expenses gives the net operating income. Operating income excludes taxes and interest expenses.

Lake's operating income

= $440,000 - $180,000 - $60,000 - $55,000 - $25,000

= $120,000

answer; /// that is so (false);