What is income tax expense?

what is the total amount of after-tax income (loss) associated with the discounted segment?:

what is the amount of net income for the year?

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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. a. Interest revenue. b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings 1. Loss from operating a discontinued segment (pretax) 3. Gain on insurance recovery of tornado damage k. Net sales, 1. Depreciation expense-Buildings n. 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 p. Income tax expense q. Cost of goods sold Debit $ 35,800 27,650 108, 200 20,050 53,800 17,800 25,550 7 500, 500 Credit $ 15,800 45,890 73,490 45,800 178, 100 30,920 1,016, 500 43,000 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. a. Interest revenue. b. Depreciation expense-Equipment c. Loss on sale of equipment d. Accounts payable e. Other operating expenses f. Accumulated depreciation-Equipment g. Gain from settlement of lawsuit h. Accumulated depreciation-Buildings 1. Loss from operating a discontinued segment (pretax) 3. Gain on insurance recovery of tornado damage k. Net sales, 1. Depreciation expense-Buildings n. 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 p. Income tax expense q. Cost of goods sold Debit $ 35,800 27,650 108, 200 20,050 53,800 17,800 25,550 7 500, 500 Credit $ 15,800 45,890 73,490 45,800 178, 100 30,920 1,016, 500 43,000

Answer rating: 100% (QA)

CALCULATIONS a Interest revenue 15800 Credit balance b Depreciation expenseEquipment 35800 Debit balance c Loss on sale of equipment 27650 Debit balan... View the full answer