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

		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 1 year ago

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