Business, 22.02.2021 19:20 shariaharper
The following information was taken from the records of Waterway Inc. for the year 2020: Income tax applicable to income from continuing operations $216,920; income tax applicable to loss on discontinued operations $29,580, and unrealized holding gain on available-for-sale securities (net of tax) $17,400.
Gain on sale of equipment $110,200
Cash dividends declared $174,000
Loss on discontinued operations 87,000
Retained earnings January 1, 2020 2,640,000
Administrative expenses 278,400
Cost of goods sold 986,000
Rent revenue 46,400
Selling expenses 348,000
Loss on write-down of inventory 69,600
Sales Revenue 2,204,000
Shares outstanding during 2020 were 100,000.
Required:
Prepare a single-step income statement.
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The following information was taken from the records of Waterway Inc. for the year 2020: Income tax...
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