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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
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 32,320 903,300 57,960 98,100 34,000 23,400 15,050 9,090 5,162 5,990 5,066 3,460 3,018 Depreciation expense (office furniture and equipment) $7,364 Property tax expense 7,162 Bad debt expense (selling) 5,229 Maintenance and repairs expense (administration) 8,940 Office expense 6,140 Sales returns and allowances 62,236 Dividends received 39,100 Interest expense 18,310 Income tax expense 92,300 Depreciation understatement due to error-2020 (net of tax) 17,506 Dividends declared on preferred stock 9,280 Dividends declared on common stock 37.000 The Retained Earnings account had a balance of $331,960 at July 1, 2019. There are 82,400 shares of common stock outstanding. Using the multiple-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.) Using the multiple-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 CORPORATION Income Statement $ II Prepare a retained earnings statement for the year ended June 30, 2020. (List items that increase adjusted retained earnings first.) WATERWAY CORPORATION Retained 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 CORPORATION Income Statement $ LA 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 CORPORATION Income Statement $ LA
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