Waterways Corporation is a private corporation formed for the purpose of providing the products and the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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 Expense Cash Depreciation Factory Equipment Depreciation Office Equipment Direct Labor Factory Supplies Used Factory Utilities Finished Goods Inventory, November 30 $276,700 53,600 262.000 17,000 2,400 41,700 16,900 10,200 69,400 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 69,400 73,100 47,800 1,600 71,600 41,100 52,700 38,200 185,700 46,600 4,500 325,200 1,355,700 40,900 53,200 42,000 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 A list of accounts and their values are given above. From this information, prepare an income statement. WATERWAYS CORPORATION Income Statement < > > < 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 $ 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 Expense Cash Depreciation Factory Equipment Depreciation Office Equipment Direct Labor Factory Supplies Used Factory Utilities Finished Goods Inventory, November 30 $276,700 53,600 262.000 17,000 2,400 41,700 16,900 10,200 69,400 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 69,400 73,100 47,800 1,600 71,600 41,100 52,700 38,200 185,700 46,600 4,500 325,200 1,355,700 40,900 53,200 42,000 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 A list of accounts and their values are given above. From this information, prepare an income statement. WATERWAYS CORPORATION Income Statement < > > < 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 $
Expert Answer:
Answer rating: 100% (QA)
WATERWAYS CORPORATION Cost of Goods Manufactured Schedule Direct materials Raw Materials Inventory O... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470534793
10th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
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...
-
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...
-
A defendant managed a corporation chartered for the purpose of "introducing people." He obtained a loan from a Mrs. Russ by telling her that he wanted the loan to build a theater on company property...
-
Determine the force in member GC of the truss and state if this member is in tension or compression. Units Used: kip = 103 lb Given: F1 = 1000 lb F2 = 1000 lb F3 = 1000 lb F4 = 1000 lb a = 10 ft =...
-
Rawling Companys 2011 income statement and selected balance sheet data at December 31, 2010 and 2011, follow ($ thousands). Required Prepare the cash flows from operating activities section only of...
-
Find the electric fluxes 1 to 5 through surfaces 1 to 5 in FIGURE P24.29. FIGURE P24.29:
-
You have won nine different trophies. How many different ways can you arrange the trophies side by side on a shelf?
-
Analysis of return on invested assets, comparison of two divisions, DuPont method. Global Data, Inc., has two divisions: Test Preparation and Language Arts. Results (in millions) for the past three...
-
- 16.4 Using the discussion of Carnot's analysis of ideal heat engines in section 3.2.3, derive the relation presented in section 16.2.4 for p (the ratio of the energy rejected as heat by a thermal...
-
Janice Morgan, age 24, is single and has no dependents. She is a freelance writer. In January 2021, Janice opened her own office located at 2751 Waldham Road, Pleasant Hill, NM 88135. She called her...
-
A ball is thrown into the air by a baby alien on a planet in the system of Alpha Centauri with a velocity of 49 ft/s. Its height in feet after t seconds is given by y = 49t - 23t. A. Find the average...
-
How does the microeconomic theory of fertility relate to the theory of consumer choice? Do you think that economic incentives and disincentives influence family size decisions? Explain your answer,...
-
The poorest farmers tend to work on farms with the poorest soil and water conditions. Do you think this is the cause, the effect, or both?
-
What is meant by the expression getting prices right? Under what conditions will eliminating factor price distortions generate substantial new employment opportunities? (Be sure to define factor...
-
Explain the meaning of dualism and dual societies. Do you think that the concept of dualism adequately portrays the development picture in most developing countries? Explain your answer.
-
How might inequality lead to faster growth or development? How might it lead to slower growth or development?
-
3. For each linkage shown, find the path of point P using graphical methods. (a) Inverted slider mechanism: CA=50 mm, BA-87.5 mm, and PC=100 mm. (b) Second inversion of the slider-crank mechanism:...
-
Explain five different cases of income exempt from tax with clear examples.
-
The adjusted trial balance for Olde Farm Corporation at the end of the current year contained the following accounts. Interest Payable........... $ 9,000 Lease Liability..............89,500 Bonds...
-
The corporate charter of Hawes Corporation allows the issuance of a maximum of 100,000 shares of common stock. During its first two years of operations, Hawes sold 70,000 shares to shareholders and...
-
For Pickney Company, units to be produced are 5,000 in quarter 1 and 6,000 in quarter 2. It takes 1.5 hours to make a finished unit, and the expected hourly wage rate is $14 per hour. Prepare a...
-
How is financial accounting different from management accounting?
-
As the new controller, reply to the following comment made by your plant manager: When I employ a proper accounting software, which can process all my daily accounting records and provide me with all...
-
Describe the five-step decision-making process.
Study smarter with the SolutionInn App