Waterway Company

Income Statement

For the Year Ended December $31,2025$

Sales revenue

$$193,600$

Cost of goods sold

$140,000$

Cross profit

$53,600$

Selling expenses

$$14,400$

Administrative expenses

Incomefromoperations

$34\mathrm{.}400$

Interest expense

Income before income taxes

$2,400$

Income tex expense

Netincome

Additional date.

Depreciation expense was $$14,000$

Didends dectred and pad were S$16,000.$ deprecistion of $37\mathrm{.}600$ at the time of sale

Bonds werepedeemed at then carming value