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Here are comparative financial statement data for Waterway Company and Lisa Company, two competitors. All...

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Accounting

Here are comparative financial statement data for Waterway Company and Lisa Company, two competitors. All data are as of December 31, 2022, and December 31, 2021.

Waterway Company

Lisa Company

2022

2021

2022

2021

Net sales

 $1,824,000 $559,000

Cost of goods sold

 1,030,560 296,829

Operating expenses

 268,128 79,937

Interest expense

 7,296 3,913

Income tax expense

 52,896 7,267

Current assets

 322,000 $310,600 82,600 $79,200

Plant assets (net)

 519,900 498,200 140,100 124,500

Current liabilities

 65,000 75,000 35,800 31,400

Long-term liabilities

 108,000 90,200 28,600 25,200

Common stock, $10 par

 497,000 497,000 117,000 117,000

Retained earnings

 171,900 146,600 41,300 30,100

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