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Intermediate Accounting I (ACC 227W) Chapter 4 Homework Problem 1

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John Marsh
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Delta College

Intermediate Accounting I (ACC 227W)

Question 1
The following information is related to Waterway Company for 2020.
Retained earnings balance, January 1, 2020 $1234800
Sales Revenue 31500000
Cost of goods sold 20160000
Interest revenue 88200
Selling and administrative expenses 5922000
Write-off of goodwill 1033200
Income taxes for 2020 1567440
Gain on the sale of investments 138600
Loss due to flood damage 491400
Loss on the disposition of the wholesale division (net of

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Intermediate Accounting I (ACC 227W) Chapter 4 Homework Problem 1

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