Please do not give solution in image format thanku The following account balances were included in the trial balance of Waterway Corporation at June 30, 2020.Sales revenueSales discountsCost of goods soldSalaries and wages expense (sales)Sales commissionsTravel expense (salespersons)Delivery expenseEntertainment expenseTelephone and Internet expense (sales)Depreciation expense (sales equipment)Maintenance and repairs expense (sales)Miscellaneous selling expensesOffice supplies usedTelephone and Internet expense (administration)$1,589,10032,320903,30057,96098,10034,00023,40015,0509,0905,1625,9905,0663,4603,018Depreciation expense (office furniture and equipment)Property tax expenseBad debt expense (selling)Maintenance and repairs expense (administration)$7,3647,1625,2298,9406,14062,23639,10018,31092,300Depreciation understatement due to error-2020 (net of tax) 17,506Dividends declared on preferred stock9,28037,000Dividends declared on common stockOffice expenseSales returns and allowancesDividends receivedInterest expenseIncome tax expenseThe Retained Earnings account had a balance of $331,960 at July 1, 2019. There are 82,400 shares of common stock outstanding. Prepare a retained earnings statement for the year ended June 30, 2020. (List items that increase adjusted retained earnings first.)WATERWAY CORPORATIONRetained Earnings Statement$$$$Using the single-step form, prepare an income statement for the year ended June 30, 2020. (Round earnings per share to 2 decimal places, e.g. 1.48.)WATERWAY CORPORATIONIncome Statement$

Income statement is the financial statement that records all the income and expenses of the business…

The following account balances were included in the trial balance of Waterway Corporation at June 30, 2020. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,589,100 $7,364 32,320 7,162 903,300 5,229 57,960 8,940 98,100 6,140 34,000 62,236 23,400 39,100 15,050 18,310 9,090 92,300 5,162 Depreciation understatement due to error-2020 (net of tax) 17,506 5,990 Dividends declared on preferred stock 9,280 37,000 Dividends declared on common stock 5,066 3,460 3,018 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received Interest expense Income tax expense The Retained Earnings account had a balance of $331,960 at July 1, 2019. There are 82,400 shares of common stock outstanding.

The following account balances were included in the trial balance of Waterway Corporation at June 30, 2020. Sales revenue Sales discounts Cost of goods sold Salaries and wages expense (sales) Sales commissions Travel expense (salespersons) Delivery expense Entertainment expense Telephone and Internet expense (sales) Depreciation expense (sales equipment) Maintenance and repairs expense (sales) Miscellaneous selling expenses Office supplies used Telephone and Internet expense (administration) $1,589,100 $7,364 32,320 7,162 903,300 5,229 57,960 8,940 98,100 6,140 34,000 62,236 23,400 39,100 15,050 18,310 9,090 92,300 5,162 Depreciation understatement due to error-2020 (net of tax) 17,506 5,990 Dividends declared on preferred stock 9,280 37,000 Dividends declared on common stock 5,066 3,460 3,018 Depreciation expense (office furniture and equipment) Property tax expense Bad debt expense (selling) Maintenance and repairs expense (administration) Office expense Sales returns and allowances Dividends received Interest expense Income tax expense The Retained Earnings account had a balance of $331,960 at July 1, 2019. There are 82,400 shares of common stock outstanding.

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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