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8/4/2020 Exercise 4-09 (Part Level Submission) Print by: Roxie Kennedy ACC-370-0500:ACC-370-0500 / ACC-370 PRACTICE TOPIC 03 *Exercise 4-09 (Part Level Submission) Presented below is information related to Waterway Corp. for the year 2020. Net sales $1,508,000 Write-off of inventory due to obsolescence $92,800 Cost of goods sold 904,800 Depreciation expense omitted by accident in 2019 63,800 Selling expenses 75,400 Casualty loss 58,000 Administrative expenses 55 , 680 Cash dividends declared 52,200 Dividend revenue 23,200 Retained earnings at December 31, 2019 1,136,800 Interest revenue 8,120 Effective tax rate of 20% on all items *(a) Prepare a multiple-step income statement for 2020. 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.) WATERWAY CORP. Income Statement https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 1/28/4/2020 Exercise 4-09 (Part Level Submission) Attempts: 0 of 3 used * (b) The parts of this question must be completed in order. This part will be available when you complete the part above. Copyright @ 2000-2020 by John Wiley & Sons, Inc. or related companies. All rights reserved. https://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 2/2