Waterways Continuing Problem 15 Waterways Corporation

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Waterways Continuing Problem 15 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 run 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 2016 follows.

Accounts Receivable $275,000
Advertising Expenses 54,000
Cash 260,000
Depreciation—Factory Equipment 16,800
Depreciation—Office Equipment 2,400
Direct Labor 42,000
Factory Supplies Used 16,800
Factory Utilities 10,200
Finished Goods Inventory, November 1 72,550
Finished Goods Inventory, November 30 68,800
Indirect Labor 48,000
Office Supplies Expense 1,600
Other Administrative Expenses 72,000
Prepaid Expenses 41,250
Raw Materials Inventory, November 1 38,000
Raw Materials Inventory, November 30 52,700
Raw Materials Purchases 184,500
Rent—Factory Equipment 47,000
Repairs—Factory Equipment 4,500
Salaries 325,000
Sales Revenue 1,350,000
Sales Commissions 40,500
Work in Process Inventory, November 1 52,700
Work in Process Inventory, November 30 42,000

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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
For the Year Ended November, 2016For the Month of November, 2016November, 2016
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborDirect MaterialsDirect Materials UsedFactory Supplies UsedFactory UtilitiesIndirect LaborManufacturing OverheadTotal Cost of Work in ProcessTotal Factory OverheadTotal Manufacturing CostsTotal Raw Materials Available for UseRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSales RevenueSales Commissions $
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborDirect MaterialsDirect Materials UsedFactory Supplies UsedFactory UtilitiesIndirect LaborManufacturing OverheadTotal Cost of Work in ProcessTotal Factory OverheadTotal Manufacturing CostsTotal Raw Materials Available for UseRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSales RevenueSales Commissions
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions $
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions
Add Less : Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborDirect MaterialsDirect Materials UsedFactory Supplies UsedFactory UtilitiesIndirect LaborManufacturing OverheadTotal Cost of Work in ProcessTotal Factory OverheadTotal Manufacturing CostsTotal Raw Materials Available for UseRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSales RevenueSales Commissions
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions $
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborDirect MaterialsDirect Materials UsedFactory Supplies UsedFactory UtilitiesIndirect LaborManufacturing OverheadTotal Cost of Work in ProcessTotal Factory OverheadTotal Manufacturing CostsTotal Raw Materials Available for UseRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSales RevenueSales Commissions
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborDirect MaterialsDirect Materials UsedFactory Supplies UsedFactory UtilitiesIndirect LaborManufacturing OverheadTotal Cost of Work in ProcessTotal Factory OverheadTotal Manufacturing CostsTotal Raw Materials Available for UseRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSales RevenueSales Commissions
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Direct Materials Direct Materials Used Factory Supplies Used Factory Utilities Indirect Labor Manufacturing Overhead Total Cost of Work in Process Total Factory Overhead Total Manufacturing Costs Total Raw Materials Available for Use Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Revenue Sales Commissions
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborDirect MaterialsDirect Materials UsedFactory Supplies UsedFactory UtilitiesIndirect LaborManufacturing OverheadTotal Cost of Work in ProcessTotal Factory OverheadTotal Manufacturing CostsTotal Raw Materials Available for UseRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSales RevenueSales Commissions
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborDirect MaterialsDirect Materials UsedFactory Supplies UsedFactory UtilitiesIndirect LaborManufacturing OverheadTotal Cost of Work in ProcessTotal Factory OverheadTotal Manufacturing CostsTotal Raw Materials Available for UseRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSales RevenueSales Commissions
AddLess: Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborDirect MaterialsDirect Materials UsedFactory Supplies UsedFactory UtilitiesIndirect LaborManufacturing OverheadTotal Cost of Work in ProcessTotal Factory OverheadTotal Manufacturing CostsTotal Raw Materials Available for UseRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSales RevenueSales Commissions
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborDirect MaterialsDirect Materials UsedFactory Supplies UsedFactory UtilitiesIndirect LaborManufacturing OverheadTotal Cost of Work in ProcessTotal Factory OverheadTotal Manufacturing CostsTotal Raw Materials Available for UseRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSales RevenueSales Commissions $

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A list of accounts and their values are given above. From this information, prepare an income statement.

WATERWAYS CORPORATION
Income Statement
For the Year Ended November, 2016November, 2016For the Month of November, 2016
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborFactory Supplies UsedFactory UtilitiesIndirect LaborRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSalesSales CommissionsCost of Goods SoldCost of Goods Available for SaleGross ProfitSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOperating ExpensesTotal Operating ExpensesNet Income / (Loss) $
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborFactory Supplies UsedFactory UtilitiesIndirect LaborRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSalesSales CommissionsCost of Goods SoldCost of Goods Available for SaleGross ProfitSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOperating ExpensesTotal Operating ExpensesNet Income / (Loss)
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss) $
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss)
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss)
Add Less : Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborFactory Supplies UsedFactory UtilitiesIndirect LaborRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSalesSales CommissionsCost of Goods SoldCost of Goods Available for SaleGross ProfitSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOperating ExpensesTotal Operating ExpensesNet Income / (Loss)
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborFactory Supplies UsedFactory UtilitiesIndirect LaborRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSalesSales CommissionsCost of Goods SoldCost of Goods Available for SaleGross ProfitSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOperating ExpensesTotal Operating ExpensesNet Income / (Loss)
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborFactory Supplies UsedFactory UtilitiesIndirect LaborRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSalesSales CommissionsCost of Goods SoldCost of Goods Available for SaleGross ProfitSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOperating ExpensesTotal Operating ExpensesNet Income / (Loss)
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborFactory Supplies UsedFactory UtilitiesIndirect LaborRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSalesSales CommissionsCost of Goods SoldCost of Goods Available for SaleGross ProfitSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOperating ExpensesTotal Operating ExpensesNet Income / (Loss)
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborFactory Supplies UsedFactory UtilitiesIndirect LaborRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSalesSales CommissionsCost of Goods SoldCost of Goods Available for SaleGross ProfitSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOperating ExpensesTotal Operating ExpensesNet Income / (Loss)
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss) $
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss)
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss)
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborFactory Supplies UsedFactory UtilitiesIndirect LaborRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSalesSales CommissionsCost of Goods SoldCost of Goods Available for SaleGross ProfitSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOperating ExpensesTotal Operating ExpensesNet Income / (Loss)
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss)
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss)
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss)
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss)
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss)
Accounts Receivable Cost of Goods Manufactured Depreciation—Factory Equipment Direct Labor Factory Supplies Used Factory Utilities Indirect Labor Raw Materials Inventory, November 30 Raw Materials Inventory, November 1 Raw Material Purchases Rent—Factory Equipment Repairs—Factory Equipment Work in Process Inventory, November 1 Work in Process Inventory, November 30 Advertising Expenses Cash Depreciation—Office Equipment Finished Goods Inventory, November 30 Finished Goods Inventory, November 1 Office Supplies Expense Other Administrative Expenses Prepaid Expenses Salaries Sales Sales Commissions Cost of Goods Sold Cost of Goods Available for Sale Gross Profit Selling Expenses Total Selling Expenses Administrative Expenses Total Administrative Expenses Operating Expenses Total Operating Expenses Net Income / (Loss)
Accounts ReceivableCost of Goods ManufacturedDepreciation—Factory EquipmentDirect LaborFactory Supplies UsedFactory UtilitiesIndirect LaborRaw Materials Inventory, November 30Raw Materials Inventory, November 1Raw Material PurchasesRent—Factory EquipmentRepairs—Factory EquipmentWork in Process Inventory, November 1Work in Process Inventory, November 30Advertising ExpensesCashDepreciation—Office EquipmentFinished Goods Inventory, November 30Finished Goods Inventory, November 1Office Supplies ExpenseOther Administrative ExpensesPrepaid ExpensesSalariesSalesSales CommissionsCost of Goods SoldCost of Goods Available for SaleGross ProfitSelling ExpensesTotal Selling ExpensesAdministrative ExpensesTotal Administrative ExpensesOperating ExpensesTotal Operating ExpensesNet Income / (Loss) $

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A list of accounts and their values are given above. From this information, prepare the current assets section of the balance sheet for Waterways Corporation for the month of November 2016.(List Current Assets in order of liquidity.)

WATERWAYS CORPORATION
Balance Sheet (partial)
For the Month of November 30, 2016For the Year Ended November 30, 2016November 30, 2016
Assets
Current AssetsCurrent LiabilitiesIntangible AssetsInventoriesLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity
$
Current AssetsCurrent LiabilitiesIntangible AssetsInventoriesLong-term InvestmentsLong-term LiabilitiesProperty, Plant and EquipmentStockholders’ EquityTotal AssetsTotal Current AssetsTotal Current LiabilitiesTotal Intangible AssetsTotal LiabilitiesTotal Liabilities and Stockholders’ EquityTotal Long-term InvestmentsTotal Long-term LiabilitiesTotal Property, Plant and EquipmentTotal Stockholders’ Equity

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