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The following information is related to Waterway Company for 2025. Retained earnings balance, January 1, 2025 Sales revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2025 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,234,800 31,500,000 20,160,000 88,200 5,922,000 1,033,200 1,567,440 138,600 491,400 554,400 113,400 315,000 100,800 Waterway Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Waterway sold the wholesale operations to Rogers Company. During 2025, there were 500,000 shares of common stock outstanding all year.

The following information is related to Waterway Company for 2025. Retained earnings balance, January 1, 2025 Sales revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2025 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax) Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,234,800 31,500,000 20,160,000 88,200 5,922,000 1,033,200 1,567,440 138,600 491,400 554,400 113,400 315,000 100,800 Waterway Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Waterway sold the wholesale operations to Rogers Company. During 2025, there were 500,000 shares of common stock outstanding all year.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter18: Accounting For Income Taxes
Section: Chapter Questions
Problem 12P: Comprehensive Colt Company reports pretax financial income of 143,000 in 2019. In addition to pretax...
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9 The following information is related to Waterway Company for 2025. Retained earnings balance, January 1, 2025 Sales revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2025 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax). Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,234,800 31,500,000 20,160,000 88,200 Show Transcribed Text 5,922,000 1,033,200 1,567,440 138,600 491,400 554,400 113,400 315,000 100,800 Waterway Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Waterway sold the wholesale operations to Rogers Company. During 2025, there were 500,000 shares of common stock outstanding all year. Discontinued Operations Earnings Per Share Gross Profit/ (Loss) Income before Income Tax Income from Continuing Operations Income from Operations Net Income / (Loss) Other Expenses and Losses Other Revenues and Gains
Transcribed Image Text:9 The following information is related to Waterway Company for 2025. Retained earnings balance, January 1, 2025 Sales revenue Cost of goods sold Interest revenue Selling and administrative expenses Write-off of goodwill Income taxes for 2025 Gain on the sale of investments Loss due to flood damage Loss on the disposition of the wholesale division (net of tax). Loss on operations of the wholesale division (net of tax) Dividends declared on common stock Dividends declared on preferred stock $1,234,800 31,500,000 20,160,000 88,200 Show Transcribed Text 5,922,000 1,033,200 1,567,440 138,600 491,400 554,400 113,400 315,000 100,800 Waterway Company decided to discontinue its entire wholesale operations (considered a discontinued operation) and to retain its manufacturing operations. On September 15, Waterway sold the wholesale operations to Rogers Company. During 2025, there were 500,000 shares of common stock outstanding all year. Discontinued Operations Earnings Per Share Gross Profit/ (Loss) Income before Income Tax Income from Continuing Operations Income from Operations Net Income / (Loss) Other Expenses and Losses Other Revenues and Gains
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