Question 1 View Policies Current Attempt in Progress 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 lawns. 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 area; 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 Waterways' accounts and their balances for the month of November 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 Sales Revenue Sales Commissions Work In Process Inventory October 31 Work In Process Inventory, November 30 $272,500 53,500 261,600 16,800 2,300 42,200 17,000 10,100 69,400 72,200 48,500 1,500 72,100 41,600 53,100 38,200 182,800 47,500 4,500 327,300 1,348,900 40,600 52,700 42,200 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 e Textbook and Media List of Accounts Accounts Receivable Cost of Goods Manufactured Depreciation-Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Factory Utilities Cash Indirect labore Depreciation - Office Equipment Manufacturing Overhead Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials /vailable for Use Raw Materials Inventory, November 30 Add Other Administrative Expenses Less Prepaid Expenses Raw Materials Inventory, November 1 Salaries Raw Material Purchases Sales Revenue Rent-Factory Equipment Repairs Factory Equipment Sales Commissions A list of accounts and their values are given above. From this information, prepare an income statement. WATERWAYS CORPORATION Income Statement e Textbook and Media List of Accounts 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 in order of liquidity.) WATERWAYS CORPORATION Balance Sheet (partial) Assets eTextbook and Media List of Accounts Current Assets Current Liabilities Intangible Assets Inventories Long-term Investments Long term Liabilities Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Current Liabilities Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity