WATERWAY COMPANYMultiple - step Income StatementFor the Year Ended December, 31, 2020$ ( In 000's)$ ( In 000's)$ ( In 000's)Sales RevenuesSales 96,572.00Cost of goods sold 60,642.00Gross Profit 35,930.00Operating ExpensesSelling ExpenseDelivery Expense 2,762.00Sales Commissions 8,052.00Depreciation of sales equipment 6,552.00 17,366.00Administrative/General ExpensesOfficers' Salaries 4,972.00Depreciation of office furniture and equipment 4,032.00 9,004.00Total Operating Expenses 26,370.00Income from Operations 9,560.00Other Income or ExpenseRent Revenue 17,302.00Other expenses and lossesInterest expense 1,932.00Income before taxes 24,930.00Income tax 9,142.00Net Income 15,788.00Earnings Per Share ($15,788 / 31,576 shares) $ 0.50WATERWAY COMPANYSingle Step Income StatementFor the year ended December 31, 2020$$Revenue:Net Sales 96,572.00Rent Revenue 17,302.00Total Revenue 113,874.00Less Expenses:Officers' Salaries 4,972.00Depreciation 10,584.00Delivery/Interest Expense 4,694.00Sales Commissions 8,052.00Total expenses 28,302.00Income before taxes 85,572.00Income Tax 9,142.00Net Income $ 76,430.00Earnings per Common Share $ 2.42($76,430 / 31,576 shares)