Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 30% for all items. 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 lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold Problem 17-6AA (Algo) Part 4 4. What is the amount of net income for the year? Net income Debit $ 35,900 27,750 108,300 20,150 53,900 17,900 25,650 7 501,500 Credit $ 15,900 45,900 73,500 45,900 178,300 31,020 1,017,500 43,500
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 30% for all items. 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 lawsuit h. Accumulated depreciation-Buildings i. Loss from operating a discontinued segment (pretax) j. Gain on insurance recovery of tornado damage k. Net sales 1. Depreciation expense-Buildings m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit p. Income tax expense q. Cost of goods sold Problem 17-6AA (Algo) Part 4 4. What is the amount of net income for the year? Net income Debit $ 35,900 27,750 108,300 20,150 53,900 17,900 25,650 7 501,500 Credit $ 15,900 45,900 73,500 45,900 178,300 31,020 1,017,500 43,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Problem 17-6AA (Algo) Income statement computations and format LO A2
[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. Assume that the company's income tax rate is 30% for all items.
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 lawsuit
h. Accumulated depreciation-Buildings
i. Loss from operating a discontinued segment (pretax)
j. Gain on insurance recovery of tornado damage
k. Net sales
1. Depreciation expense-Buildings
m. Correction of overstatement of prior year's sales (protax)
n. Gain on sale of discontinued segment's assets (pretax)
o. Loss from settlement of lawsuit
p. Income tax expense
q. Cost of goods sold
Problem 17-6AA (Algo) Part 4
4. What is the amount of net income for the year?
Net income
Debit
$ 35,900
27,750
108,300
20,150
53,900
17,900
25,650
2
501,500
Credit
$ 15,900
45,900
73,500
45,900
178,300
31,020)
1,017,500
43,500
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