Problem 13-6AA 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, 2013, follow.

		Debit				Credit
a.	Interest revenue						$	15,100
b.	Depreciation expenseEquipment.		$	35,100
c.	Loss on sale of equipment			26,950
d.	Accounts payable							45,100
e.	Other operating expenses			107,500
f.	Accumulated depreciationEquipment							72,700
g.	Gain from settlement of lawsuit							45,100
h.	Accumulated depreciationBuildings							176,700
i.	Loss from operating a discontinued segment (pretax)			19,350
j.	Gain on insurance recovery of tornado damage (pretax and extraordinary)							30,220
k.	Net sales							1,009,500
l.	Depreciation expenseBuildings			53,100
m.	Correction of overstatement of prior years sales (pretax)			17,100
n.	Gain on sale of discontinued segments assets (pretax)							39,500
o.	Loss from settlement of lawsuit			24,850
p.	Income taxes expense			?
q.	Cost of goods sold			493,500

Problem 13-6AA Part 2

TAX RATE = 30 %

2.1 What is the amount of income from continuing operations before income taxes

Income from continuing operations before taxes:

2.2 What is the amount of the income taxes expense?

Income taxes expense:

2.3 What is the amount of income from continuing operations?

Income from continuing operations after taxes: