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 3

What is the total amount of after-tax income (loss) associated with the discontinued segment?

After-tax income from discounted segment:

Problem 13-6AA Part 4

What is the amount of income (loss) before the extraordinary items?

Income before extraordinary items:

Problem 13-6AA Part 5

What is the amount of net income for the year? Net Income: