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Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2017, follow. HINT:You do not need the
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2017, follow.
HINT:You do not need the tax rate, simply add back the taxx eexpense
2a. 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? 2d.What is the total amount of after-tax income (loss) associated with the discontinued segment? 2e.What is the amount of net income for the year?
Credit S15,300 Debit 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 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 $ 35,300 27,150 45,300 107,700 72,900 45,300 177,100 19,550 30,420 1,011,500 53,300 17,300 25,050 495,500 40,500Step by Step Solution
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