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Presented below is information related to Waterway Corp. for the year 2025. Net sales $1,508,000 Write-off of inventory due to obsolescence $92,80 Cost of
Presented below is information related to Waterway Corp. for the year 2025. Net sales $1,508,000 Write-off of inventory due to obsolescence $92,80 Cost of goods sold 904,800 Depreciation expense omitted by accident in 2024 63,80 Selling expenses 75,400 Casualty loss 58,00 Administrative expenses 55,680 Cash dividends declared 52,20 Dividend revenue 23,200 Retained earnings at December 31, 2024 1,136,80 Interest revenue 8,120 Effective tax rate of 20% on all items (a) Prepare a multiple-step income statement for 2025. Assume that 70,528 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)
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