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Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2015, follow. Debit Credit a. Interest
| Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2015, follow. |
| Debit | Credit | ||||||||||
| a. | Interest revenue | $ | 14,000 | ||||||||
| b. | Depreciation expenseEquipment. | $ | 34,000 | ||||||||
| c. | Loss on sale of equipment | 25,850 | |||||||||
| d. | Accounts payable | 44,000 | |||||||||
| e. | Other operating expenses | 106,400 | |||||||||
| f. | Accumulated depreciationEquipment | 71,600 | |||||||||
| g. | Gain from settlement of lawsuit | 44,000 | |||||||||
| h. | Accumulated depreciationBuildings | 174,500 | |||||||||
| i. | Loss from operating a discontinued segment (pretax) | 18,250 | |||||||||
| j. | Gain on insurance recovery of tornado damage (pretax and extraordinary) | 29,120 | |||||||||
| k. | Net sales | 998,500 | |||||||||
| l. | Depreciation expenseBuildings | 52,000 | |||||||||
| m. | Correction of overstatement of prior years sales (pretax) | 16,000 | |||||||||
| n. | Gain on sale of discontinued segments assets (pretax) | 34,000 | |||||||||
| o. | Loss from settlement of lawsuit | 23,750 | |||||||||
| p. | Income taxes expense | ? | |||||||||
| q. | Cost of goods sold | 482,500 | |||||||||
|
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Wiley CIA Essentials Of Internal Auditing Exam Review 2022 Part 1
Authors: S. Rao Vallabhaneni
1st Edition
1119846285, 978-1119846284
