FINAN. AND MANAGERIAL ACCT LL W/ ACCESS
9th Edition
ISBN: 9781265925284
Author: Wild
Publisher: MCG CUSTOM
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Chapter 3, Problem 19QS
To determine
Introduction:
Financial statements: The financial statements of a company are prepared at the end of an accounting year to calculate the total liabilities, total assets, net profit or loss, and increase or decrease in cash during the year. The financial statements are used by various external and internal parties.
To prepare: The (a) income statement (b) statement of
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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 40% for all items.
Debit
Credit
a.
Interest revenue
$ 14,400
b.
Depreciation expense—Equipment
$ 34,400
c.
Loss on sale of equipment
26,250
d.
Accounts payable
44,400
e.
Other operating expenses
106,800
f.
Accumulated depreciation—Equipment
72,000
g.
Gain from settlement of lawsuit
44,400
h.
Accumulated depreciation—Buildings
175,300
i.
Loss from operating a discontinued segment (pretax)
18,650
j.
Gain on insurance recovery of tornado damage
29,520
k.
Net sales
1,002,500
l.
Depreciation expense—Buildings
52,400
m.
Correction of overstatement of prior year’s sales (pretax)
16,400
n.
Gain on sale of discontinued segment’s assets (pretax)
36,000
o.
Loss from settlement of lawsuit
24,150
p.
Income tax expense
?
q.
Cost of goods sold
486,500…
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 40% for all items.
Debit
Credit
a.
Interest revenue
$ 14,400
b.
Depreciation expense—Equipment
$ 34,400
c.
Loss on sale of equipment
26,250
d.
Accounts payable
44,400
e.
Other operating expenses
106,800
f.
Accumulated depreciation—Equipment
72,000
g.
Gain from settlement of lawsuit
44,400
h.
Accumulated depreciation—Buildings
175,300
i.
Loss from operating a discontinued segment (pretax)
18,650
j.
Gain on insurance recovery of tornado damage
29,520
k.
Net sales
1,002,500
l.
Depreciation expense—Buildings
52,400
m.
Correction of overstatement of prior year’s sales (pretax)
16,400
n.
Gain on sale of discontinued segment’s assets (pretax)
36,000
o.
Loss from settlement of lawsuit
24,150
p.
Income tax expense
?
q.
Cost of goods sold
486,500…
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 40% for all items.
Debit
Credit
a.
Interest revenue
$ 14,400
b.
Depreciation expense—Equipment
$ 34,400
c.
Loss on sale of equipment
26,250
d.
Accounts payable
44,400
e.
Other operating expenses
106,800
f.
Accumulated depreciation—Equipment
72,000
g.
Gain from settlement of lawsuit
44,400
h.
Accumulated depreciation—Buildings
175,300
i.
Loss from operating a discontinued segment (pretax)
18,650
j.
Gain on insurance recovery of tornado damage
29,520
k.
Net sales
1,002,500
l.
Depreciation expense—Buildings
52,400
m.
Correction of overstatement of prior year’s sales (pretax)
16,400
n.
Gain on sale of discontinued segment’s assets (pretax)
36,000
o.
Loss from settlement of lawsuit
24,150
p.
Income tax expense
?
q.
Cost of goods sold
486,500…
Chapter 3 Solutions
FINAN. AND MANAGERIAL ACCT LL W/ ACCESS
Ch. 3 - Prob. 1QSCh. 3 - Computing accrual and cash income C1 In its first...Ch. 3 - Identifying accounting adjustments P1 Classify the...Ch. 3 - Prob. 4QSCh. 3 - Prepaid (deferred) expenses adjustments P1 For...Ch. 3 - Prepaid (deferred) expense adjustments P1 For each...Ch. 3 - Prob. 7QSCh. 3 - Prob. 8QSCh. 3 - Prob. 9QSCh. 3 - Prob. 10QS
Ch. 3 - Prob. 11QSCh. 3 - Prob. 12QSCh. 3 - Prob. 13QSCh. 3 - Prob. 14QSCh. 3 - Prob. 15QSCh. 3 - Prob. 16QSCh. 3 - Prob. 17QSCh. 3 - Prob. 18QSCh. 3 - Prob. 19QSCh. 3 - Prob. 20QSCh. 3 - Prob. 21QSCh. 3 - Prob. 22QSCh. 3 - Prob. 23QSCh. 3 - Identifying post-closing accounts P5 Identify...Ch. 3 - identifying the accounting cycle C2 List the...Ch. 3 - Prob. 26QSCh. 3 - Prob. 27QSCh. 3 - Prob. 28QSCh. 3 - Prob. 29QSCh. 3 - Prob. 30QSCh. 3 - Prob. 31QSCh. 3 - Prob. 32QSCh. 3 - Prob. 33QSCh. 3 - Prob. 34QSCh. 3 - Prob. 35QSCh. 3 - Prob. 36QSCh. 3 - Prob. 37QSCh. 3 - Prob. 38QSCh. 3 - Prob. 39QSCh. 3 - Prob. 40QSCh. 3 - Prob. 1ECh. 3 - Prob. 2ECh. 3 - Prob. 3ECh. 3 - Prob. 4ECh. 3 - Prob. 5ECh. 3 - Prob. 6ECh. 3 - Prob. 7ECh. 3 - Prob. 8ECh. 3 - Prob. 9ECh. 3 - Prob. 10ECh. 3 - Prob. 11ECh. 3 - Prob. 12ECh. 3 - Prob. 13ECh. 3 - Prob. 14ECh. 3 - Prob. 15ECh. 3 - Prob. 16ECh. 3 - Prob. 17ECh. 3 - Prob. 18ECh. 3 - Prob. 19ECh. 3 - Prob. 20ECh. 3 - Prob. 21ECh. 3 - Prob. 22ECh. 3 - Prob. 23ECh. 3 - Prob. 24ECh. 3 - Prob. 25ECh. 3 - Prob. 26ECh. 3 - Prob. 27ECh. 3 - Prob. 28ECh. 3 - Prob. 29ECh. 3 - Prob. 30ECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 1PSACh. 3 - Prob. 2PSACh. 3 - Prob. 3PSACh. 3 - Prob. 4PSACh. 3 - Prob. 5PSACh. 3 - Prob. 6PSACh. 3 - Prob. 7PSACh. 3 - Prob. 8PSACh. 3 - Prob. 9PSACh. 3 - Prob. 10PSACh. 3 - Prob. 11PSACh. 3 - Prob. 1PSBCh. 3 - Prob. 2PSBCh. 3 - Prob. 3PSBCh. 3 - Prob. 4PSBCh. 3 - Prob. 5PSBCh. 3 - Prob. 6PSBCh. 3 - Prob. 7PSBCh. 3 - Prob. 8PSBCh. 3 - Prob. 9PSBCh. 3 - Prob. 10PSBCh. 3 - Prob. 11PSBCh. 3 - No Account Title Debit Credit 101 Cash $38,264 106...Ch. 3 - Prob. 1GLPCh. 3 - Prob. 2GLPCh. 3 - Prob. 3GLPCh. 3 - Prob. 4GLPCh. 3 - Prob. 1.1AACh. 3 - Prob. 1.2AACh. 3 - Prob. 1.3AACh. 3 - Prob. 1.4AACh. 3 - Prob. 2.1AACh. 3 - Prob. 2.2AACh. 3 - Prob. 2.3AACh. 3 - Prob. 2.4AACh. 3 - Prob. 3.1AACh. 3 - Prob. 3.2AACh. 3 - What is the difference between the cash basis and...Ch. 3 - Why is the accrual basis of accounting generally...Ch. 3 - What type of business is most likely to select a...Ch. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 9DQCh. 3 - Prob. 10DQCh. 3 - Prob. 11DQCh. 3 - Prob. 12DQCh. 3 - Prob. 13DQCh. 3 - Prob. 14DQCh. 3 - Prob. 15DQCh. 3 - Prob. 16DQCh. 3 - Prob. 17DQCh. 3 - Prob. 18DQCh. 3 - Prob. 1BTNCh. 3 - Prob. 4BTN
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