Problem 17-6AA (Algo) Income statement computations and format LO A2 The following information applies to the questions

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Problem 17 6aa Algo Income Statement Computations And Format Lo A2 The Following Information Applies To The Questions 1 (57.82 KiB) Viewed 45 times

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Problem 17-6AA (Algo) Income statement computations and format LO A2 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 $ 14,300 $ 34,369 26,150 44,300 106,700 a. Interest revenue b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation Equipment 8. Gain from settlement of Lawsuit h. Accumulated depreciation-buildings 1. Loss from operating a discontinued segnant (pretax) 1. Gain on Insurance recovery of tornado danage k. Net sales 1. Depreciation expense-Guildings m. Correction of overstatement of prior year's soles (pretax) n. Gain on sale of discontinued sepintasets (pretax) o. Loss from settlement of lawsuit P. Income tax expense 4. Cost of goods sold 71,00 44,300 195.10 18,550 29.420 2.001.500 52,300 10.00 35,500 24,50 4815,500 Problem 17-6AA (Algo) Part 1 Required: 1. Compute the tax effects and after-tax amounts of the three items labeled pretax Pretax 30% Tax Effect After Tax Loss from operating a discontinued segment Correction of overstatement of prior year's sales Gain on sale of discontinued segment's assets
Problem 17-6AA (Algo) Part 2 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. Reg 2A Req 2B Req 2c What is the amount of income from continuing operations before income taxes? Income from continuing operations before taxes ZA Req 2B >
Problem 17-6AA (Algo) Part 2 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. Reg 2A Req 2B Req 20 What is the amount of the income tax expense? Income tax expense
Problem 17-6AA (Algo) Part 2 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. Reg 2A Req 2B Req 20 What is the amount of income from continuing operations? Income from continuing operations after taxes
Problem 17-6AA (Algo) Part 3 3. What is the total amount of after-tax income (loss) associated with the discontinued segment? After-tax income from discontinued segment
Problem 17-6AA (Algo) Part 4 4. What is the amount of net income for the year? Net income