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Problem 13-6AA Income statement computations and format LO A2

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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:

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