A list of accounts and their values are given above. From this information, prepare an income statement, and the current assets section of the balance sheet for Waterways Corporation for the month of November 2016.

A partial list of Waterways' accounts and their balances for the month of November 2016 follows Accounts Receivable Advertising Expenses Cash Depreciation-Factory Equipment Depreciation-Office Equipment Direct Labor Factory Supplies Used Factory Utilities Finished Goods Inventory, November 30 Finished Goods Inventory, October 31 Indirect Labor Office Supplies Expense Other Administrative Expenses Prepaid Expenses Raw Materials Inventory, November 30 Raw Materials Inventory, October 31 Raw Materials Purchases Rent Factory Equipment Repairs-Factory Equipment Salaries $ 275,000 54,000 260,000 16,800 2,400 42,000 16,800 10,200 68,800 72,550 48,000 1,600 72,000 41,250 52,700 38,000 184,500 47,000 4,500 325,000