income tax rate is 40%
of 4 [The following information applies to the questions displayed below.) Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2017, follow Debit Credit 15,480 $ $ 35,400 27,250 45,400 107,800 73,000 45,400 177,300 19,650 a. Interest revenue b. Depreciation expense-Equipment. C. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income taxes expense q. Cost of goods sold 30,520 1,012,500 53,400 17,400 41 , 25, 150 ? 496,500 20. What is the amount of income from continuing operations before income taxes? 2b. What is the amount of the income taxes expense? 2c. What is the amount of income from continuing operations? 8 Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2017, follow Debit Credit 15,480 73 of 4 $ $ 35, 400 27,250 45,400 107,800 73,000 45,400 177,300 a. Interest revenue b. Depreciation expense-Equipment. c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income taxes expense 9. Cost of goods sold 19,650 OOK 30,520 1,012,500 53,400 17,400 41,000 25,150 ? 496,500 aces 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? After-tax income from discontinued segment 14.945 Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2017, follow. Debit Credit 15,480 $ $ 35,400 27,250 45,400 107,800 73,000 45,400 177, 300 a. Interest revenue b. Depreciation expense-Equipment. c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income taxes expense 9. Cost of goods sold 19,650 30,520 1,012,500 53,400 17,400 41,000 25, 150 ? 496,500 What is the amount of net income for the year? income
