Required information
Problem AA Algo Income statement computations and format LO A
The following information applies to the questions displayed below.
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar yearend December follow. Assume that the company's income tax rate is for all items.
a Interest revenue
b Depreciation expenseEquipment
c Loss on sale of equipment
d Accounts payable
e Other operating expenses
f Accumulated depreciationEquipment
g Gain from settlement of lawsuit
h Accumulated depreciationBuildings
i Loss from operating a discontinued segment pretax
j Gain on insurance recovery of tornado damage
k Net sales
Depreciation expenseBuildings
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
$
Problem AA Algo Part
What is the amount of net income for the year?
Net income
