Waterways Continuing Problem 14 The comparative balance sheets of Waterways Corporation's Irrigation Installation Division for the years 2016 and

Waterways Continuing Problem 14

The comparative balance sheets of Waterways Corporation’s Irrigation Installation Division for the years 2016 and 2017 and the income statements for the year 2016 and 2017 are presented below.

Additional information:

85% of the sales for Waterways were credit sales. There are 5,000 shares outstanding for both years. This is a private corporation, whose shares are not available to the public.