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 $272,200 Advertising Expenses 53,700 Cash 261,100 Depreciation Expense-Factory Equipment 16.800 Depreciation Expense-Office Equipment 2,400 Direct Labor 41,800 Factory Supplies Used 16,600 Factory Utilities 10.300 Finished Goods Inventory, November 30 69,200 Finished Goods Inventory, October 31 72.300 Indirect Labor 48,300 Office Supplies Expense 1,600 Other Administrative Expenses 71,300 Prepaid Expenses 41,500 Raw Materials Inventory, November 30 52.600 Raw Materials Inventory, October 31 37,700 Raw Materials Purchases 183.100