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Waterways Corporation is a private corporation formed for the purpose of providing the products and the services needed to Irrigate farms, pas commercial projects, and

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Waterways Corporation is a private corporation formed for the purpose of providing the products and the services needed to Irrigate farms, pas commercial projects, and private. It has a centrally located factory in a U.S. oty that manufactures the products it makes to retets across the nation. It also maintains a division that performs installation and warranty servicing in tropolitan areas The mission of Waterways to manufacture quality parts that can be used for effective irrigation projects that also cove water. By the effort, the company hopes to satisfy its customers, perform rapid and response wervice, and serve the community and the employees who represent them in each community The company has been growing rapidy, to management is considering new Weas to help the company continue its growth and maintain the high quality of its products Waterways was founded by w Winkman who is the company president and the rective officer (CEO). Working with him from the company's inception is a brother, Ben, whose sprinkler designs and Ideas about the relation of proper wema have been a major basis of the company's success. Ben is the viot president who oversees aspects of design and production in the company The factory is managed by Todd Senter who hures is in managers to supervise the factory employees. The factory makes all of the parts for the rigation stem. The purchasing departments managed by Helen Mine The installation and training division is overseen by or president Henry Writer, who supervises the managers of the local instalacion period. Each of these local managers tres his or her own loc 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 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 are the oversees 10 well trained salespeople. The accounting and finance division of the company headed by Ann Hedman, who is the chinancial 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 countants, 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 the balances for the month of November folom. Accounts Receivable 5276,000 Advertising Expenses 53,500 Cash 259,600 Depreciation Factory Equipment 16,900 Depreciation-mce Equipment 2,400 Direct Labor 42,100 Factory Supplies Used Factory is 10.200 Finished Goods Inventory, November 30 66,700 Finished Goods Inventory, October 31 72,400 Trdirect Labor 48,000 Office Supplies Expense 1,600 Other Administrative Expenses 71,300 Prepaid Expenses 41,000 Raw Materials Inventory, November 30 $2,500 Raw Materials Inventory, October 31 38,100 Raw Materials Purchases 164,700 Rent-Factory Equipment 47,400 Repairs --Factory Equipment 4,600 Salaries 328,200 Sales Revenue 1,358,600 Sales Commissions 40,300 Work In Process Inventory October 31 53,100 Work In Process Inventory, November 30 42,200 16,700 A list of accounts and their values are given above. From this information, prepare an income statement. WATERWAYS CORPORATION Income Statement NDO > >

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