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In: Accounting

Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2017, follow.

Problem 13-6AA Income statement computations and format LO A2



Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2017, follow.

    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         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        
 

Problem 13-6 Part 4

4. What is the amount of net income for the year?

Solutions

Expert Solution


ekkarill92 answered 3 years ago
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