Selected account balances from the adjusted trial balance

Reference no: EM13570634

Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2013, follow. Assume a 40% income tax.

		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 (pretax and extraordinary)						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
1. What is the amount of income from continuing operations before income taxes? What is the amount after income taxes?

Reference no: EM13570634

Questions Cloud

John harper has borrowed 17400 to pay for his new truck the : john harper has borrowed 17400 to pay for his new truck. the annual interest rate on the loan is 9.4 percent and the

A project has an initial cost of 42600 and cash inflows of : a project has an initial cost of 42600 and cash inflows of 11800 a year for 4 years. what is the npv if the required

If you are an importer of goods and you need to make : if you are an importer of goods and you need to make payment for the purchase of inventory before the close of business

One of the challenges faced by society is how to deal with : one of the challenges faced by society is how to deal with children legally defined as those under the age of 18 who

Selected account balances from the adjusted trial balance : selected account balances from the adjusted trial balance for olinda corporation as of its calendar year end december

A firm has sales of 311000 and net income of 21600 : a firm has sales of 311000 and net income of 21600. currently there are 18000 shares outstanding at a market price of

A company had inventory on november 1 of 5 units at a cost : 1 the assignment of costs to cost of goods sold and to inventory using specific identification is the same for both the

This dividend increases at an average rate of 35 per year : marthas vineyard recently paid a 3.60 annual dividend on its common stock. this dividend increases at an average rate

Flint fabricators inc machines metal parts for the : flint fabricators inc. machines metal parts for the automotive industry. under the traditional manufacturing approach

User Account

All Pages