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The following balances were taken from the books of Waterway Corp. on December 31, 2025. Interest revenue $122,300 Accumulated depreciation-equipment $57,900 Cash 73,300 Accumulated depreciation-building 41,100 Sales 1,933,900 Notes receivable 218.900 Accounts receivable 211,900 Selling expenses 273,500 Prepaid insurance 29,900 Accounts payable 239,900 Sales returns and allowances 211,900 Bonds payable 141,900 Allowance for doubtful accounts 11,700 Administrative and general expenses 137,700 Sales discounts 64,900 Accrued liabilities 46,700 Land 141,900 Interest expense 85,900 Equipment 281,900 Notes payable 141,900 Building 197,900 Loss from earthquake damage 211,900 Cost of goods sold 871,300 Common stock 701,900 Retained earnings 31,300 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48. List other revenues and gains before other expenses and losses.) WATERWAY CORP. Income Statement

The following balances were taken from the books of Waterway Corp. on December 31, 2025. Interest revenue $122,300 Accumulated depreciation-equipment $57,900 Cash 73,300 Accumulated depreciation-building 41,100 Sales 1,933,900 Notes receivable 218.900 Accounts receivable 211,900 Selling expenses 273,500 Prepaid insurance 29,900 Accounts payable 239,900 Sales returns and allowances 211,900 Bonds payable 141,900 Allowance for doubtful accounts 11,700 Administrative and general expenses 137,700 Sales discounts 64,900 Accrued liabilities 46,700 Land 141,900 Interest expense 85,900 Equipment 281,900 Notes payable 141,900 Building 197,900 Loss from earthquake damage 211,900 Cost of goods sold 871,300 Common stock 701,900 Retained earnings 31,300 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48. List other revenues and gains before other expenses and losses.) WATERWAY CORP. Income Statement

FINANCIAL ACCOUNTING
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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The following balances were taken from the books of Waterway Corp. on December 31, 2025. Interest revenue $122,300 Accumulated depreciation-equipment $57,900 Cash 73,300 Accumulated depreciation-building 41,100 Sales 1,933,900 Notes receivable 218.900 Accounts receivable 211,900 Selling expenses 273,500 Prepaid insurance 29,900 Accounts payable 239,900 Sales returns and allowances 211,900 Bonds payable 141,900 Allowance for doubtful accounts 11,700 Administrative and general expenses 137,700 Sales discounts 64,900 Accrued liabilities 46,700 Land 141,900 Interest expense 85,900 Equipment 281,900 Notes payable 141,900 Building 197,900 Loss from earthquake damage 211,900 Cost of goods sold 871,300 Common stock 701,900 Retained earnings 31,300 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48. List other revenues and gains before other expenses and losses.) WATERWAY CORP. Income Statement
Transcribed Image Text:The following balances were taken from the books of Waterway Corp. on December 31, 2025. Interest revenue $122,300 Accumulated depreciation-equipment $57,900 Cash 73,300 Accumulated depreciation-building 41,100 Sales 1,933,900 Notes receivable 218.900 Accounts receivable 211,900 Selling expenses 273,500 Prepaid insurance 29,900 Accounts payable 239,900 Sales returns and allowances 211,900 Bonds payable 141,900 Allowance for doubtful accounts 11,700 Administrative and general expenses 137,700 Sales discounts 64,900 Accrued liabilities 46,700 Land 141,900 Interest expense 85,900 Equipment 281,900 Notes payable 141,900 Building 197,900 Loss from earthquake damage 211,900 Cost of goods sold 871,300 Common stock 701,900 Retained earnings 31,300 Assume the total effective tax rate on all items is 20%. Prepare a multiple-step income statement; 100,000 shares of common stock were outstanding during the year. (Round earnings per share to 2 decimal places, e.g. 1.48. List other revenues and gains before other expenses and losses.) WATERWAY CORP. Income Statement
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