CALCULATOR BACK PRINTER VERSION NEXT Question 1 Waterways Corporation is a private corporation formed for the purpose of providing the products and the services needed to Irrigate farms, parks, commercial projects, and private laws. It has a centrally located factory in a U.S. city that manufactures the products it markets to retail outlets across the nation. It also maintains a division that performs installation and warranty servicing in six metropolitan areas The mission of Waterways is to manufacture quality parts that can be used for effective irrigation projects that also conserve water. By that effort, the company hopes to satisfy its customers, perform rapid and responsible service, and serve the community and the employees who represent them in each community The company has been growing rapidly, so management is considering new ideas to help the company continue its growth and maintain the high quality of its products. Waterways was founded by Will Winkman who is the company president and chief executive officer (CEO). Working with him from the company's inception is Will's brother, Ben, whose sprinkler designs and ideas about the installation of proper systems have been a major basis of the company's success. Ben is the vice president who oversees all aspects of design and production in the company. The factory itself is managed by Todd Senter who hires his line managers to supervise the factory employees. The factory makes all of the parts for the irrigation systems. The purchasing department is managed by Helen Hines The installation and training division is overseen by vice president Henry Writer, who supervises the managers of the six local installation operations. Each of these local managers hires his or her own local service people. These service employees are trained by the home office under Henry Writer's direction because of the uniqueness of the company's products. There is a small human resources department under the direction of Sally Fenton, a vice president who handles the employee paperwork, though hiring is actually performed by the separate departments. Teresa Totter is the vice president who heads the sales and marketing areas she oversees 10 well-trained salespeople The accounting and finance division of the company is headed by Ann Headman, who is the chief financial officer (CFO) and a company vice president; she is a member of the Institute of Management Accountants and holds a certificate in management accounting. She has a small staff of accountants, including a controller and a treasurer, and a staff of accounting input operators who maintain the financial records A partial list of Waterway' accounts and their balances for the month of November followi. Accounts Receivable 5276,700 Advertising Expenses 53,900 Cash 260,000 Depreciation-Factory Equipment 17,000 Depreciation Office Equipment 2,400 Direct Labor 42,000 Factory Supplies Used 16,600 Factory Utilities 10,100 Finished Goods Inventory, November 30 69,000 Finished Goods Inventory, October 31 73,200 Indirect Labor 48,200 Office Supplies Expense 1,600 thar Amin 17. maintain A partial list of Waterways' accounts and their balances for the month of N 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 $276,700 53,900 260,000 17,000 2,400 42,000 16,600 10,100 69,000 73,200 48,200 1,600 72,700 41,600 53,100 37,900 182,800 46,900 4,400 323,000 1,355,300 40,400 52,800 41,900 Sales Revenue Sales Commissions Work In Process Inventory October 31 Work In Process Inventory, November 30 A list of accounts and their values are given above. From this information A list of accounts and their values are given above. From this information, prepare an income statement. WATERWAYS CORPORATION Income Statement For the Month of November, 2016 1355300 Sales Revenue Cost of Goods Sold V Finished Goods Inventory, November 1 $ Cost of Goods Manufactured Cost of Goods Available for Sale Less. Finished Goods Inventory, November 30 Cost of Goods Sold Gross Profit Administrative Expenses