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.
|c.||Loss on sale of equipment||26,450|
|e.||Other operating expenses||107,000|
|g.||Gain from settlement of lawsuit||44,600|
|i.||Loss from operating a discontinued segment (pretax)||18,850|
|j.||Gain on insurance recovery of tornado damage (pretax and extraordinary)||29,720|
|m.||Correction of overstatement of prior year?s sales (pretax)||16,600|
|n.||Gain on sale of discontinued segment?s assets (pretax)||37,000|
|o.||Loss from settlement of lawsuit||24,350|
|p.||Income taxes expense||?|
|q.||Cost of goods sold||488,500|
Problem 13-6AA Part 1
Assume that the company?s income tax rate is 30% for all items. Compute the tax effects and after-tax amounts of the four items labeled pretax. (Loss amounts should be indicated with a minus sign.)
Pretax | Effect | After-Tax
Loss from operating a discontinued segment _______________|______________ |______________________
Gain on insurance recovery of tornado damage ____________|_______________|____________________
Correction of overstatement of prior year's sales____________|______________|____________________
Gain on sale of discontinued segment's assets______________ |______________|_________________________
Problem 13-6AA Part 2
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._____________________
Problem 13-6AA Part 3
|3.||What is the total amount of after-tax income (loss) associated with the discontinued segment? |
After-tax income from discontinued segment.______________________
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?
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