Presented below are selected ledger accounts of Waterway Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) C Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $58,000 116,000 92,800 626,400 243,600 23,200 17,400 46,400 34,800 104,400 Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2020. (Round earnings per share to 2 decimal places, e.g. 1.58.) WATERWAY CORPORATION Income Statement For the Year Ended December 31, 2017 + # $ # # # Discontinued Operations, Net of Tax Earnings Per Share Income From Continuing Operations Before Income Tax Income Tax Income From Continuing Operations Loss on Discontinued Operations, Net of Tax Net Income / (Loss) $ $

Presented below are selected ledger accounts of Waterway Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) C Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $58,000 116,000 92,800 626,400 243,600 23,200 17,400 46,400 34,800 104,400 Prepare a partial income statement beginning with income from continuing operations before income tax, and including appropriate earnings per share information. Assume 10,000 shares of common stock were outstanding during 2020. (Round earnings per share to 2 decimal places, e.g. 1.58.) WATERWAY CORPORATION Income Statement For the Year Ended December 31, 2017 + # $ # # # Discontinued Operations, Net of Tax Earnings Per Share Income From Continuing Operations Before Income Tax Income Tax Income From Continuing Operations Loss on Discontinued Operations, Net of Tax Net Income / (Loss) $ $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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