In: Accounting
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?