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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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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