Required information [The following information apples to the questions displayed below] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit a. Interest revenue b. Depreciation expense-Equipnent c. Loss on sale of equipnent d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipnent g. Gain from settlement of lawsult h. Accumulated depreciation-Buildings 1. Loss from operating a discontinued segnent (pretax) J. Gain on insurance recovery of tornado danage k. Net sales $ 14,300 $ 34, 300 26,15e 44, 300 106, 780 71,900 44, 300 175, 100 18,5se 29,420 1,001,5ee 1. Depreciation expense-Buildings n. Correction of overstatenent of prior year's sales (pretax) n. Gain on sale of discontinued segnent's assets (pretax) o. Loss from settlement of lawsult p. Income tax expense 4. Cost of goods sold 52, 300 16,300 35,5e0 24,ese 485,see 4. What is the amount of net Income for the year? Net income $ 211,281 O
Required information [The following information apples to the questions displayed below] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Debit Credit a. Interest revenue b. Depreciation expense-Equipnent c. Loss on sale of equipnent d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipnent g. Gain from settlement of lawsult h. Accumulated depreciation-Buildings 1. Loss from operating a discontinued segnent (pretax) J. Gain on insurance recovery of tornado danage k. Net sales $ 14,300 $ 34, 300 26,15e 44, 300 106, 780 71,900 44, 300 175, 100 18,5se 29,420 1,001,5ee 1. Depreciation expense-Buildings n. Correction of overstatenent of prior year's sales (pretax) n. Gain on sale of discontinued segnent's assets (pretax) o. Loss from settlement of lawsult p. Income tax expense 4. Cost of goods sold 52, 300 16,300 35,5e0 24,ese 485,see 4. What is the amount of net Income for the year? Net income $ 211,281 O
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
![Required information
[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
follow.
Credit
14,300
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 1lawsuit
h. Accumulated depreciation-Buildings
1. Loss from operating a discontinued segment (pretax)
j. Gain on insurance recovery of tornado danage
k. Net sales
1. Depreciation expense-Buildings
n. Correction of overstatenent of prior year's sales (pretax)
n. Gain on sale of discontinued segnent's assets (pretax)
o. Loss from settlement of lawsuit
p. Income tax expense
q. Cost of goods sold
$ 34,300
26,150
44, 300
106, 70e
71,900
44,300
175,100
18,55e
29,420
1,001,500
52,300
16,300
35,5ee
24,05e
485,5ee
4. What is the amount of net Income for the year?
Net income
IS
211,281 8](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2F06787e9b-8967-4fd2-aa39-91d0943b209a%2Fajg8znf_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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
follow.
Credit
14,300
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 1lawsuit
h. Accumulated depreciation-Buildings
1. Loss from operating a discontinued segment (pretax)
j. Gain on insurance recovery of tornado danage
k. Net sales
1. Depreciation expense-Buildings
n. Correction of overstatenent of prior year's sales (pretax)
n. Gain on sale of discontinued segnent's assets (pretax)
o. Loss from settlement of lawsuit
p. Income tax expense
q. Cost of goods sold
$ 34,300
26,150
44, 300
106, 70e
71,900
44,300
175,100
18,55e
29,420
1,001,500
52,300
16,300
35,5ee
24,05e
485,5ee
4. What is the amount of net Income for the year?
Net income
IS
211,281 8
![Required information
[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
follow.
Debit
Credit
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 1lawsuit
h. Accumulated depreciation-Buildings
i. Loss from operating a discontinued segnent (pretax)
j. Gain on insurance recovery of tornado danage
k. Net sales
1. Depreciation expense-Buildings
n. Correction of overstatenent of prior year's sales (pretax)
n. Gain on sale of discontinued segnent's assets (pretax)
o. Loss from settlement of lawsuit
p. Income tax expense
q. Cost of goods sold
14, 300
$ 34,300
26,150
44, 300
106,7ee
71,900
44, 300
175,100
18,55e
29,420
1,001,500
52, 300
16, 30e
35,500
24,05e
485, 500
3. What Is the total amount of after-tax Income (loss) associated with the discontinued segment?
After-tax income from discontinued segment
18,950 O](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2F06787e9b-8967-4fd2-aa39-91d0943b209a%2Fb6pofs1h_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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
follow.
Debit
Credit
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 1lawsuit
h. Accumulated depreciation-Buildings
i. Loss from operating a discontinued segnent (pretax)
j. Gain on insurance recovery of tornado danage
k. Net sales
1. Depreciation expense-Buildings
n. Correction of overstatenent of prior year's sales (pretax)
n. Gain on sale of discontinued segnent's assets (pretax)
o. Loss from settlement of lawsuit
p. Income tax expense
q. Cost of goods sold
14, 300
$ 34,300
26,150
44, 300
106,7ee
71,900
44, 300
175,100
18,55e
29,420
1,001,500
52, 300
16, 30e
35,500
24,05e
485, 500
3. What Is the total amount of after-tax Income (loss) associated with the discontinued segment?
After-tax income from discontinued segment
18,950 O
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