H1.Account 1.2.3.4.5.Current Attempt in ProgressComparative balance sheets for Waterway Company are as follows.Show Transcribed Text6.AssetsAdditional information:7.CashAccounts receivableInventoryLandEquipmentAccumulated depreciation-equipmentTotalLiabilities and Stockholders' EquityAccounts payableBonds payableCommon stock ($1 par)Retained earningsTotalWaterway CompanyComparative Balance SheetsDecember 31Show Transcribed TextJ2025$78,10085,500181,70083,000$34,200159,000252,000196,000(68,300)(44,700)$612,000 $540,400221,0002024197,800$21,60075,600190,900101,000$47,100210,000162,000121.300$612,000 $540,400Net 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 $978,000.Land was sold at cost, and equipment was purchased for cash. Balance Sheet AccountsTotal$DebitsShow Transcribed TextBalance12/31/24Credits$Debit$$WATERWAY COMPANYWorksheet-Statement of Cash FlowsBalance12/31/24$CreditDebit$$$Reconciling ItemsBalance12/31/25

Name: H1.Account 1.2.3.4.5.Current Attempt in ProgressComparative balance sh
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Description: H1.Account 1.2.3.4.5.Current Attempt in ProgressComparative balance sheets for Waterway Company are as follows.Show Transcribed Text6.AssetsAdditional information:7.CashAccounts receivableInventoryLandEquipmentAccumulated depreciation-equipmentTotalL

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1. 2. 3. 4. 5. Current Attempt in Progress Comparative balance sheets for Waterway Company are as follows. 6. Assets 7. Cash Show Transcribed Text Accounts receivable Inventory Additional information: Land Equipment Accumulated depreciation-equipment Total Waterway Company Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 3 Ć 2025 $78,100 85,500 181,700 83,000 252,000 $34,200 159,000 221,000 2024 (68,300) (44,700) $612,000 $540,400 197,800 $21,600 75,600 190,900 101,000 196,000 $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.

1. 2. 3. 4. 5. Current Attempt in Progress Comparative balance sheets for Waterway Company are as follows. 6. Assets 7. Cash Show Transcribed Text Accounts receivable Inventory Additional information: Land Equipment Accumulated depreciation-equipment Total Waterway Company Comparative Balance Sheets December 31 Liabilities and Stockholders' Equity Accounts payable Bonds payable Common stock ($1 par) Retained earnings Total 3 Ć 2025 $78,100 85,500 181,700 83,000 252,000 $34,200 159,000 221,000 2024 (68,300) (44,700) $612,000 $540,400 197,800 $21,600 75,600 190,900 101,000 196,000 $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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 13MCQ

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