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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
$
14,300
b.
Depreciation expense
Debit
Credi
t
a. Interest revenue $ 14,300
b. Depreciation expense
Solution
H ello Pal,
F irst of all a very nice as well as intersting question from your side.
S o now straight to the question, as asked above with all the information available from your side
and from mine, the answer is as under:
I ncome from operations before tax = $516000
A mount of income taxes expense = $154800
I ncome from operations before tax = $516000
I ncome after tax = $361200
I ncome before extraordinary items = $361200
N et income for the year = $497670.
T hat is all I can say from the above given information by you, hope have solved your problem to
some extent.
R egards.

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Selected account balances from the adjusted trial balance for Olinda C.docx

  • 1. 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 $ 14,300 b. Depreciation expense Debit Credi t a. Interest revenue $ 14,300 b. Depreciation expense Solution H ello Pal, F irst of all a very nice as well as intersting question from your side. S o now straight to the question, as asked above with all the information available from your side and from mine, the answer is as under: I ncome from operations before tax = $516000
  • 2. A mount of income taxes expense = $154800 I ncome from operations before tax = $516000 I ncome after tax = $361200 I ncome before extraordinary items = $361200 N et income for the year = $497670. T hat is all I can say from the above given information by you, hope have solved your problem to some extent. R egards.