Question
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
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 | $ | 14,600 | ||||
| b. | Depreciation expenseEquipment. | $ | 34,600 | ||||
| c. | Loss on sale of equipment | 26,450 | |||||
| d. | Accounts payable | 44,600 | |||||
| e. | Other operating expenses | 107,000 | |||||
| f. | Accumulated depreciationEquipment | 72,200 | |||||
| g. | Gain from settlement of lawsuit | 44,600 | |||||
| h. | Accumulated depreciationBuildings | 175,700 | |||||
| i. | Loss from operating a discontinued segment (pretax) | 18,850 | |||||
| j. | Gain on insurance recovery of tornado damage | 29,720 | |||||
| k. | Net sales | 1,004,500 | |||||
| l. | Depreciation expenseBuildings | 52,600 | |||||
| m. | Correction of overstatement of prior years sales (pretax) | 16,600 | |||||
| n. | Gain on sale of discontinued segments assets (pretax) | 37,000 | |||||
| o. | Loss from settlement of lawsuit | 24,350 | |||||
| p. | Income taxes expense | ? | |||||
| q. | Cost of goods sold | 488,500 | |||||
| a.What is the amount of income from continuing operations before income taxes? b. What is the amount of the income taxes expense? c. What is the amount of income from continuing operations? d.What is the amount of net income for the year? | |||||||
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Financial Accounting Tools For Business Decision Making
Authors: Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt
8th Edition
1119316022, 978-1119316022
