Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2013, follow. Assume a 40% income tax.
|
|
Debit |
Credit |
| a. |
Interest revenue |
|
|
|
|
|
$ |
15,400 |
|
| b. |
Depreciation expense-Equipment. |
|
$ |
35,400 |
|
|
|
|
|
| c. |
Loss on sale of equipment |
|
|
27,250 |
|
|
|
|
|
| d. |
Accounts payable |
|
|
|
|
|
|
45,400 |
|
| e. |
Other operating expenses |
|
|
107,800 |
|
|
|
|
|
| f. |
Accumulated depreciation-Equipment |
|
|
|
|
|
|
73,000 |
|
| g. |
Gain from settlement of lawsuit |
|
|
|
|
|
|
45,400 |
|
| h. |
Accumulated depreciation-Buildings |
|
|
|
|
|
|
177,300 |
|
| i. |
Loss from operating a discontinued segment (pretax) |
|
|
19,650 |
|
|
|
|
|
| j. |
Gain on insurance recovery of tornado damage (pretax and extraordinary) |
|
|
|
|
|
|
30,520 |
|
| k. |
Net sales |
|
|
|
|
|
|
1,012,500 |
|
| l. |
Depreciation expense-Buildings |
|
|
53,400 |
|
|
|
|
|
| m. |
Correction of overstatement of prior year's sales (pretax) |
|
|
17,400 |
|
|
|
|
|
| n. |
Gain on sale of discontinued segment's assets (pretax) |
|
|
|
|
|
|
41,000 |
|
| o. |
Loss from settlement of lawsuit |
|
|
25,150 |
|
|
|
|
|
| p. |
Income taxes expense |
|
|
? |
|
|
|
|
|
| q. |
Cost of goods sold |
|
|
496,500 |
|
|
|
|
|
|
1. What is the amount of income from continuing operations before income taxes? What is the amount after income taxes? What is the total amount of after-tax income (loss) associated with the discontinued segment?What is the amount of income (loss) before the extraordinary items?What is the amount of net income for the year?
|