Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end...

  

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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 i. Loss from operating a discontinued segment (pretax) Gain j. Gain on insurance recovery of tornado damage k. Net sales 1 Den 1. Depreciation expense-Buildings 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 p. Income tax expense q. Cost of goods sold Debit $ 36,000 27,850 108,400 20, 250 54,000 18,000 25,750 ? 502,500 Credit $ 16,000 46,000 73,600 46,000 178,500 31, 120 1,018,500 44,000 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 i. Loss from operating a discontinued segment (pretax) Gain j. Gain on insurance recovery of tornado damage k. Net sales 1 Den 1. Depreciation expense-Buildings 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 p. Income tax expense q. Cost of goods sold Debit $ 36,000 27,850 108,400 20, 250 54,000 18,000 25,750 ? 502,500 Credit $ 16,000 46,000 73,600 46,000 178,500 31, 120 1,018,500 44,000

Answer rating: 100% (QA)

First calculate the gross profit Gross profit Net sales Interest revenue Depreciation expense Equi... View the full answer