Waterway Industries reported the following information for 2022. Assets Cash Accounts receivable Inventory Prepaid expenses Land Buildings Accumulated depreciation-buildings Equipment Accumulated depreciation-equipment Totals Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Bonds payable Common stock ($1 par) Retained earnings Totals Sales revenue Cost of goods sold Operating expenses Interest expense Loss on disposal of plant assets Waterway Industries Comparative Balance Sheets December 31 Income before income taxes Income tax expense Net income $59,450 2022 61,440 200,000 44,020 5,980 181,530 55,070 (20,880) $474,970 $558,680 (27,930) $42,850 12.110 Waterway Industries Income Statement For the Year Ended December 31, 2022 231,190 228,820 2,000 187,070 -0- $558,680 99,940 $941,320 720.270 221,050 65,530 $155,520 2021 $36,180 22,100 -0- 3,980 70,560 200,000 (13,920) 67,740 (10,060) $376,580 $39,930 10,030 150,020 59,470 117,130 $376,580 Change Increase/Decrease $23,270 Increase 39,340 Increase 44,020 Increase 2,000 Increase 15,490 Decrease -0- 6,960 17,870 113,790 Increase $2,920 No Change 50,080 Increase Increase 10,030 Decrease 169,350 Increase Decrease Increase 69,940 Increase

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