Please do not give solution in image format ? And Fast Answering Please ? And Explain Proper Step by Step. a. Interest revenueb. Depreciation expense-Equipmentc. Loss on sale of equipmentd. Accounts payable.e. Other operating expensesf. Accumulated depreciation-Equipmentg. Gain from settlement of lawsuith. Accumulated depreciation-Buildingsi. Loss from operating a discontinued segment (pretax)j. Gain on insurance recovery of tornado damagek. Net sales.1. Depreciation expense-Buildingsm. Correction of overstatement of prior year's sales (pretax)n. Gain on sale of discontinued segment's assets (pretax)o. Loss from settlement of lawsuitp. Income tax expenseg. Cost of goods soldRequired:1. Compute the tax effects and after-tax amounts of the three items labeled pretax.Loss from operating a discontinued segmentCorrection of overstatement of prior year's salesGain on sale of discontinued segment's assetsPretax19,25017,00039,00040% Tax Effect7,7006,80015,600Debit$ 35,00026,850107,40019,25053,00017,00024,7502492,500After-Tax11,55010,20023,400Credit$ 15,00045,00072,60045,000176,50030,1201,008,50039,000Check my work 2a. What is the amount of income from continuing operations before income taxes?2b. What is the amount of the income tax expense?2c. What is the amount of income from continuing operations?Complete this question hy entering your aneware in the babe hat...Show Transcribed Text3. What is the total amount of after-tax income (loss) associated with the discontinued segment?After-tax income from discontinued segmentShow Transcribed Text4. What is the amount of net income for the year?Net incomeShow Transcribed Textsupplied to the customis displayed below.Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-endDecember 31 follow. Assume that the company's income tax rate is 40% for all items.a. Interest revenueb. Depreciation expense-Equipmentc. Loss on sale of equipmentd. Accounts payable.e. Other operating expensesf. Accumulated depreciation-Equipmentg. Gain from settlement of lawsuith. Accumulated depreciation-Buildingsi. Loss from operating a discontinued segment (pretax)j. Gain on insurance recovery of tornado damagek. Net sales1. Depreciation expense-Buildings.m. Correction of overstatement of prior year's sales (pretax)n. Gain on sale of discontinued segment's assets (pretax)o. Lons from settlement of lawsuitp. Income tax expenseq. Cost of goods soldDebit$ 35,00026,850107,40019,25053,00017,00024,7502492,500Credit$ 15,00045,00072,60045,000176,50030,1201,008,50039,000

Income from operations is the amount which is calculated by deducting all expenses and losses from…

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) j. Gain on insurance recovery of tornado damage k. Net sales. 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 g. Cost of goods sold. Required: 1. Compute the tax effects and after-tax amounts of the three items labeled pretax. Loss from operating a discontinued segment Correction of overstatement of prior year's sales Pretax 19,250 17,000 40% Tax Effect 7,700 6.800 Debit $ 35,000 26,850 107,400 19,250 53,000 17,000 24,750 2 492,500 After-Tax 11,550 10 2001 Credit $ 15,000 45,000 72,600 45,000 176,500 30,120 1,008,500 39,000 Check my work

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) j. Gain on insurance recovery of tornado damage k. Net sales. 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 g. Cost of goods sold. Required: 1. Compute the tax effects and after-tax amounts of the three items labeled pretax. Loss from operating a discontinued segment Correction of overstatement of prior year's sales Pretax 19,250 17,000 40% Tax Effect 7,700 6.800 Debit $ 35,000 26,850 107,400 19,250 53,000 17,000 24,750 2 492,500 After-Tax 11,550 10 2001 Credit $ 15,000 45,000 72,600 45,000 176,500 30,120 1,008,500 39,000 Check my work

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter9: Adjusting Entries

Section: Chapter Questions

Problem 1M

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