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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
H1.
Account

Transcribed Image Text:1.
2.
3.
4.
5.
Current Attempt in Progress
Comparative balance sheets for Waterway Company are as follows.
Show Transcribed Text
6.
Assets
Additional information:
7.
Cash
Accounts receivable
Inventory
Land
Equipment
Accumulated depreciation-equipment
Total
Liabilities and Stockholders' Equity
Accounts payable
Bonds payable
Common stock ($1 par)
Retained earnings
Total
Waterway Company
Comparative Balance Sheets
December 31
Show Transcribed Text
J
2025
$78,100
85,500
181,700
83,000
$34,200
159,000
252,000
196,000
(68,300)
(44,700)
$612,000 $540,400
221,000
2024
197,800
$21,600
75,600
190,900
101,000
$47,100
210,000
162,000
121.300
$612,000 $540,400
Net income for 2025 was $144,000.
Cash dividends of $67,500 were declared and paid.
Bonds payable with a carrying value of $51,000 were redeemed for $51,000 cash.
Common stock was issued at par for $59,000 cash.
Depreciation expense was $23,600.
Sales revenue for the year was $978,000.
Land was sold at cost, and equipment was purchased for cash.

Transcribed Image Text:Balance Sheet Accounts
Total
$
Debits
Show Transcribed Text
Balance
12/31/24
Credits
$
Debit
$
$
WATERWAY COMPANY
Worksheet-Statement of Cash Flows
Balance
12/31/24
$
Credit
Debit
$
$
$
Reconciling Items
Balance
12/31/25
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