- Required Information The Following Information Applies To The Questions Displayed Below Selected Account Balances F 1 (54.68 KiB) Viewed 37 times
! Required Information [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 30% for all items. Debit Credit a. Interest revenue $ 14,000 b. Depreciation expense-Equipment c. Loss on sale of equipment $ 34,000 25,850 d. Accounts payable 44,000 e. Other operating expenses 106,400 f. Accumulated depreciation-Equipment 71,600 g. Gain from settlement of lawsuit 44,000 h. Accumulated depreciation-Buildings 174,500 i. Loss from operating a discontinued segment (pretax) 18,250 j. Gain on insurance recovery of tornado damage 20,000 k. Net sales 998,000 1. Depreciation expense-Buildings 52,000 16,000 m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) o. Loss from settlement of lawsuit 34,000 23,250 p. Income tax expense ? q. Cost of goods sold 482,500 20. What is the amount of income from continuing operations before income taxes? 2b. What is the amount of the income tax expense? 2c. What is the amount of income from continuing operations? Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C What is the amount of the income taxes expense? Income tax expense < Req 2A Req 2C >
Required Information [The following information applies to the questions displayed below.] Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31 follow. Assume that the company's income tax rate is 30% for all items. Debit Credit $ 14,000 a. Interest revenue b. Depreciation expense-Equipment $ 34,000 c. Loss on sale of equipment 25,850 d. Accounts payable 44,000 e. Other operating expenses 106,400 f. Accumulated depreciation-Equipment 71,600 g. Gain from settlement of lawsuit 44,000 h. Accumulated depreciation-Buildings 174,500 1. Loss from operating a discontinued segment (pretax) 18,250 j. Gain on insurance recovery of tornado damage 20,000 k. Net sales 998,000 1. Depreciation expense-Buildings 52,000 16,000 m. Correction of overstatement of prior year's sales (pretax) n. Gain on sale of discontinued segment's assets (pretax) 34,000 o. Loss from settlement of lawsuit p. Income tax expense 23,250 ? q. Cost of goods sold 482,500 2a. What is the amount of income from continuing operations before income taxes? 2b. What is the amount of the income tax expense? 2c. What is the amount of income from continuing operations? Complete this question by entering your answers in the tabs below. Req 2A Req 2B Req 2C What is the amount of income from continuing operations? Income from continuing operations after taxes < Req 2B Req 2C >