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Waterways Corporation is a private corporation formed for the purpose of pro - viding the products and the services needed to irrigate farms, parks, commercial
Waterways Corporation is a private corporation formed for the purpose of pro viding the products and the services needed to irrigate farms, parks, commercial projects, and private lawns. It has a centrally located factory in a US 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 effec tive irrigation projects that also conserve water. By that effort, the company hopes to sat isfy 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 companys inception is Wills brother, Ben, whose sprinkler designs and ideas about the installation of proper systems have been a major basis of the companys 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 super vise 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 Writers direction because of the uniqueness of the companys 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 per formed by the separate departments. Teresa Totter is the vice president who heads the sales and marketing area; she oversees welltrained 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
DepreciationFactory Equipment
DepreciationOffice Equipment
Direct Labor
Factory Supplies Used
Factory Utilities
Finished Goods Inventory, November
Finished Goods Inventory, October
Indirect Labor
Office Supplies Expense
Other Administrative Expenses
Prepaid Expenses
Raw Materials Inventory, November
Raw Materials Inventory, October
Raw Materials Purchases
RentFactory Equipment
RepairsFactory Equipment
Office Salaries
Sales Revenue
Sales Commissions
Work In Process Inventory October
Work In Process Inventory, November
Instructions
a Based on the information given, construct an organizational chart of Waterways Corporation.
b A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule Assume that all raw materials used, were direct materials. an income statement, and a partial balance sheet for Waterways Corporation for the month of November,
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