trina7416
Mar 1, 2017, 10:15 PM
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year end December 31, 2015, follow.
Debit
Credit
a.
Interest revenue
$
15,600
b.
Depreciation expense—Equipment.
$
35,600
c.
Loss on sale of equipment
27,450
d.
Accounts payable
45,600
e.
Other operating expenses
108,000
f.
Accumulated depreciation—Equipment
73,200
g.
Gain from settlement of lawsuit
45,600
h.
Accumulated depreciation—Buildings
177,700
i.
Loss from operating a discontinued segment (pretax)
19,850
j.
Gain on insurance recovery of tornado damage (pretax and extraordinary)
30,720
k.
Net sales
1,014,500
l.
Depreciation expense—Buildings
53,600
m.
Correction of overstatement of prior year’s sales (pretax)
17,600
n.
Gain on sale of discontinued segment’s assets (pretax)
42,000
o.
Loss from settlement of lawsuit
25,350
p.
Income taxes expense
?
q.
Cost of goods sold
498,500
Required:
How do I figure this out? I tried many different ways and keep coming up with the wrong answer. I am not looking for anyone to give me the answer just how to figure it out.
Debit
Credit
a.
Interest revenue
$
15,600
b.
Depreciation expense—Equipment.
$
35,600
c.
Loss on sale of equipment
27,450
d.
Accounts payable
45,600
e.
Other operating expenses
108,000
f.
Accumulated depreciation—Equipment
73,200
g.
Gain from settlement of lawsuit
45,600
h.
Accumulated depreciation—Buildings
177,700
i.
Loss from operating a discontinued segment (pretax)
19,850
j.
Gain on insurance recovery of tornado damage (pretax and extraordinary)
30,720
k.
Net sales
1,014,500
l.
Depreciation expense—Buildings
53,600
m.
Correction of overstatement of prior year’s sales (pretax)
17,600
n.
Gain on sale of discontinued segment’s assets (pretax)
42,000
o.
Loss from settlement of lawsuit
25,350
p.
Income taxes expense
?
q.
Cost of goods sold
498,500
Required:
How do I figure this out? I tried many different ways and keep coming up with the wrong answer. I am not looking for anyone to give me the answer just how to figure it out.