What is the amount of income from continuing operations

Reference no: EM13584280

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? What is the total amount of after-tax income (loss) associated with the discontinued segment?What is the amount of income (loss) before the extraordinary items?What is the amount of net income for the year?

Reference no: EM13584280

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