A partial list of Waterways’ accounts and their balances for the month of November is itemized below. 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 30 68,800 Finished Goods Inventory, October 31 72,550 Indirect Labor 48,000 Office Supplies Expense 1,600 Other Administrative Expenses 72,000 Prepaid Expenses 41,250 Raw Materials Inventory, November 30 52,700 Raw Materials Inventory, October 31 38,000 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, October 31 52,700 Work in Process Inventory, November 30 42,000 A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule, an income statement, and a partial balance sheet for the month of November
A partial list of Waterways’ accounts and their balances for the month of November is itemized below. 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 30 68,800 Finished Goods Inventory, October 31 72,550 Indirect Labor 48,000 Office Supplies Expense 1,600 Other Administrative Expenses 72,000 Prepaid Expenses 41,250 Raw Materials Inventory, November 30 52,700 Raw Materials Inventory, October 31 38,000 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, October 31 52,700 Work in Process Inventory, November 30 42,000 A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule, an income statement, and a partial balance sheet for the month of November
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A partial list of Waterways’ accounts and their balances for the month of November is itemized below.
| $275,000 | |
| Advertising Expenses | 54,000 |
| Cash | 260,000 |
| 16,800 | |
| Depreciation – Office Equipment | 2,400 |
| Direct Labor | 42,000 |
| Factory Supplies Used | 16,800 |
| Factory Utilities | 10,200 |
| Finished Goods Inventory, November 30 | 68,800 |
| Finished Goods Inventory, October 31 | 72,550 |
| Indirect Labor | 48,000 |
| Office Supplies Expense | 1,600 |
| Other Administrative Expenses | 72,000 |
| Prepaid Expenses | 41,250 |
| Raw Materials Inventory, November 30 | 52,700 |
| Raw Materials Inventory, October 31 | 38,000 |
| 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, October 31 | 52,700 |
| Work in Process Inventory, November 30 | 42,000 |
A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule, an income statement, and a partial
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