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What is the amount of income from continuing operationswhat

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Reference no: EM13570855

Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2013, follow.
Debit Credit
a. Interest revenue




$ 14,400
b. Depreciation expense-Equipment.
$ 34,400




c. Loss on sale of equipment

26,250




d. Accounts payable





44,400
e. Other operating expenses

106,800




f. Accumulated depreciation-Equipment





72,000
g. Gain from settlement of lawsuit





44,400
h. Accumulated depreciation-Buildings





175,300
i. Loss from operating a discontinued segment (pretax)

18,650




j. Gain on insurance recovery of tornado damage (pretax and extraordinary)





29,520
k. Net sales





1,002,500
l. Depreciation expense-Buildings

52,400




m. Correction of overstatement of prior year's sales (pretax)

16,400




n. Gain on sale of discontinued segment's assets (pretax)





36,000
o. Loss from settlement of lawsuit

24,150




p. Income taxes expense

          ?




q. Cost of goods sold

486,500





ASSUME THE COMPANY'S INCOME TAX RATE IS 40% FOR ALL ITEMS.

  1. What is the amount of income from continuing operations before income taxes?
  2. What is the amount of the income taxes expense?
  3. What is the amount of income from continuing operations?
  4. What is the total amount of after-tax income (loss) associated with the discontinued segment?
  5. What is the amount of income (loss) before the extraordinary items?
  6. What is the amount of net income for the year?

Reference no: EM13570855

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