Question
Accounts Receivable $ 275,000 Advertising Expenses 54,000 Cash 260,000 DepreciationFactory Equipment 16,800 DepreciationOffice Equipment 2,400 Direct Labor 42,000 Factory Supplies Used 16,800 Factory Utilities 10,200
| Accounts Receivable | $ 275,000 |
| Advertising Expenses | 54,000 |
| Cash | 260,000 |
| DepreciationFactory Equipment | 16,800 |
| DepreciationOffice Equipment | 2,400 |
| Direct Labor | 42,000 |
| Factory Supplies Used | 16,800 |
| Factory Utilities | 10,200 |
| Finished Goods Inventory, November 30 | 68,800 |
| Finished Goods Inventory, October 31 | 72,550 |
| Indirect Labor | 48,000 |
| Office Supplies Expense | 1,600 |
| Other Administrative Expenses | 72,000 |
| Prepaid Expenses | 41,250 |
| Raw Materials Inventory, November 30 | 52,700 |
| Raw Materials Inventory, October 31 | 38,000 |
| Raw Materials Purchases | 184,500 |
| RentFactory Equipment | 47,000 |
| RepairsFactory Equipment | 4,500 |
| Salaries | 325,000 |
| Sales | 1,350,000 |
| Sales Commissions | 40,500 |
| Work In Process Inventory October 31 | 52,700 |
| Work In Process Inventory, November 30 | 42,000 |
Instructions
(a) A list of accounts and their values are given above. From this information, prepare an income statement for Waterways Corporation for the month of November 2012.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started