Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need help with these problems thank you Waterways Problem 01 b1-b3 Watemays Corporation is a private corporation formed for the purpose of providing the products

Need help with these problems thank you

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Waterways Problem 01 b1-b3 Watemays 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 lawns. It has a centrally located factory in a U.S. city that manufactures the products it markets to retail outlem 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 projec: that also conserve water. By that effort, the company hopes to satisfy its customers, perfonn 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 ofcer (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 ofce 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 papenuork, though hiring is actually performed by the separate departments. Teresa Totter is the vice president who heads the sales and marketing area: she oversees 10 wellitrained salespeople. The accounting and nance division of the company is headed by Ann Headman, who is the chiefnancial ofcer (CFO) and a company vice president; she is a member of the Institute of Management Accountants and holds a certicate in management accounting. She has a small stalf of accountants, including a controller and a treasurer, and a staff of accounting input operators who maintain the nancial records. A partial list of Waterways' accounts and their balances for the month of November follows. Accounts Receivable $275,500 Advertising Expenses 54,400 Cash 258,900 DepreciationFactory Equipment 16,700 Depreciaoniofce Equipment 2,400 Direct Labor 41,600 Factory Supplies Used 17,000 Factory Utilities 10,200 Finished Goods Inventory, November 30 69,300 Finished Goods Inventory, October 31 72,100 Indirect Labor 48,100 Ofce Supplies Expense 1,700 other Administrative Expenses 72,500 Prepaid Expenses 41,400 Raw Materials Inventory, November 30 52,400 Raw Materials Inventory, October 31 38,200 Raw Materials Purchases 185,300 RentFactory Equipment 47,200 RepairsFactory Equipment 4,600 Salaries 324,900 Sales Revenue 1,345,900 Sales Commissions 40,500 Work In Process Inventory October 31 52,200 Work In Process Inventory, November 30 41,800 A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule. WATERWAYS CORPORATION Cost of Goods Manufactured Schedule SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXTA list of accounts and their values are given above. From this information, prepare an income statement. WATERWAYS CORPORATION Income Statement $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXTin order of liquidity.) A list of accounts and their values are given above. From this information, prepare a partial balance sheet for Waterways Corporation for the month of November. (List Current Assets WATERWAYS CORPORATION Balance Sheet (partial) Assets v $ v $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Psychology Applied To Teaching

Authors: Jack Snowman, Rick McCown

14th Edition

1285734556, 9781285734552

More Books

Students also viewed these Accounting questions

Question

What is life cycle budgeting?

Answered: 1 week ago

Question

Define self-awareness and cite its benefits.

Answered: 1 week ago

Question

1. Too understand personal motivation.

Answered: 1 week ago