A partial list of Waterways Accounts and balances for the month of November 16, 2016 follows.

Accounts Receivable $275,000

Advertising Expenses54,000

Cash260,000

Depreciation-Factory Equipment 16,800

Depreciation-Office Equipment 2,400

Direct Labor 42,000

Factory Supplies Used 16,800

Factory Utilities 10,200

Finished Goods Inventory, November 1 72,550

Finished Good Inventory November 30 68,800

Indirect Labor 48,000

Office Supplies Expense 1,600

Other Administrative Expenses 72,000

Prepaid Expenses 41,250

Raw Materials Inventory-Nov 138,000

Raw Materials Inventory-Nov 30 52,700

Raw Materials Purchases 184,500

Rent-Factory Equipment4,500

Salaries 325,000

Sales Commissions40,500

WIPI-Nov1 52,700

WIPI-NOV 30 42,000

1.Prepare an income statement

2.Prepare the current assets of the balance sheet for the month of November 2016