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CALCULATOR PRINTER VERSION BACK Accounting, Analysis, and Principles a1-a3 (Part Level Submission) Waterway Inc. provided the following information for the year 2020. Retained earnings, January
CALCULATOR PRINTER VERSION BACK Accounting, Analysis, and Principles a1-a3 (Part Level Submission) Waterway Inc. provided the following information for the year 2020. Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Income tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealized holding gain on available-for-sale debt securities $ 696,000 278,400 348,000 2,204,000 92,800 986,000 127,600 119,132 19,720 216,920 70,180 2,320 (ai) Prepare a single-step income statement for 2020. Shares outstanding during 2020 were 100,000. (Round earnings per share to 2 decimal places, e.g. $1.48.) WATERWAY, INC. Income Statement For the Year Ended December 31, 2020 Revenues Sales Revenue 2,204,000 Rent Revenue 119,132 Total Revenues 2,323,132 Expenses Expenses Cost of Goods Sold 986,000 Selling Expenses 348,000 Administrative Expenses Income Tax Expense Income From Continuing Operations Before Income Tax Income From Continuing Operations Discontinued Operations Loss on Discontinued Operations $ Less Applicable Income Tax Reduction Net Income /(Los) Earnings Per Share Income From Continuing Operations $ Loss on Discontinued Operations, net of tax Net Income / (Loss) $ Click if you would like to Show Work for this question: Open Show Work
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