Question
Problem 13-6AA Income statement computations and format LO A2 [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial
Problem 13-6AA Income statement computations and format LO A2
[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 | ||||||
a. | Interest revenue | $ | 15,400 | ||||
b. | Depreciation expenseEquipment. | $ | 35,400 | ||||
c. | Loss on sale of equipment | 27,250 | |||||
d. | Accounts payable | 45,400 | |||||
e. | Other operating expenses | 107,800 | |||||
f. | Accumulated depreciationEquipment | 73,000 | |||||
g. | Gain from settlement of lawsuit | 45,400 | |||||
h. | Accumulated depreciationBuildings | 177,300 | |||||
i. | Loss from operating a discontinued segment (pretax) | 19,650 | |||||
j. | Gain on insurance recovery of tornado damage | 30,520 | |||||
k. | Net sales | 1,012,500 | |||||
l. | Depreciation expenseBuildings | 53,400 | |||||
m. | Correction of overstatement of prior years sales (pretax) | 17,400 | |||||
n. | Gain on sale of discontinued segments assets (pretax) | 41,000 | |||||
o. | Loss from settlement of lawsuit | 25,150 | |||||
p. | Income taxes expense | ? | |||||
q. | Cost of goods sold | 496,500 | |||||
Problem 13-6 Part 3
3. What is the total amount of after-tax income (loss) associated with the discontinued segment?
Problem 13-6AA Income statement computations and format LO A2
[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 | ||||||
a. | Interest revenue | $ | 15,400 | ||||
b. | Depreciation expenseEquipment. | $ | 35,400 | ||||
c. | Loss on sale of equipment | 27,250 | |||||
d. | Accounts payable | 45,400 | |||||
e. | Other operating expenses | 107,800 | |||||
f. | Accumulated depreciationEquipment | 73,000 | |||||
g. | Gain from settlement of lawsuit | 45,400 | |||||
h. | Accumulated depreciationBuildings | 177,300 | |||||
i. | Loss from operating a discontinued segment (pretax) | 19,650 | |||||
j. | Gain on insurance recovery of tornado damage | 30,520 | |||||
k. | Net sales | 1,012,500 | |||||
l. | Depreciation expenseBuildings | 53,400 | |||||
m. | Correction of overstatement of prior years sales (pretax) | 17,400 | |||||
n. | Gain on sale of discontinued segments assets (pretax) | 41,000 | |||||
o. | Loss from settlement of lawsuit | 25,150 | |||||
p. | Income taxes expense | ? | |||||
q. | Cost of goods sold | 496,500 | |||||
Problem 13-6 Part 3
3. What is the total amount of after-tax income (loss) associated with the discontinued segment?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started