The following data were taken from the records of Waterway Company for the fiscal year ended June 30, 2020. Raw Materials Inventory 7/1/19 $48,100 Factory Insurance $5,600 Raw Materials Inventory 6/30/20 46,200 Factory Machinery Depreciation 18,600 Finished Goods Inventory 7/1/19 99,600 Factory Utilities 29,200 Finished Goods Inventory 6/30/20 21,600 Office Utilities Expense 8,850 Work in Process Inventory 7/1/19 27,700 Sales Revenue 561,400 Work in Process Inventory 6/30/20 25,300 Sales Discounts 4,900 Direct Labor 144,150 Plant Manager’s Salary 64,400 Indirect Labor 24,960 Factory Property Taxes 9,910 Accounts Receivable 29,900 Factory Repairs 2,100 Raw Materials Purchases 99,200 Cash 40,700

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following data were taken from the records of Waterway Company for the fiscal year ended June 30, 2020.

Raw Materials Inventory 7/1/19   $48,100   Factory Insurance   $5,600
Raw Materials Inventory 6/30/20   46,200   Factory Machinery Depreciation   18,600
Finished Goods Inventory 7/1/19   99,600   Factory Utilities   29,200
Finished Goods Inventory 6/30/20   21,600   Office Utilities Expense   8,850
Work in Process Inventory 7/1/19   27,700   Sales Revenue   561,400
Work in Process Inventory 6/30/20   25,300   Sales Discounts   4,900
Direct Labor   144,150   Plant Manager’s Salary   64,400
Indirect Labor   24,960   Factory Property Taxes   9,910
Accounts Receivable   29,900   Factory Repairs   2,100
        Raw Materials Purchases   99,200
        Cash   40,700
Prepare the current assets section of the balance sheet at June 30, 2020. (List Current Assets in order of liquidity.)
WATERWAY COMPANY
(Partial) Balance Sheet
For the Year Ended June 30, 2020
$
$
%24
Transcribed Image Text:Prepare the current assets section of the balance sheet at June 30, 2020. (List Current Assets in order of liquidity.) WATERWAY COMPANY (Partial) Balance Sheet For the Year Ended June 30, 2020 $ $ %24
WATERWAY COMPANY
(Partial) Income Statement
For the Year Ended June 30, 2020
Sales Revenue
:
Cost of Goods Sold
Finished Goods Inventory, July 1, 2019
2$
Cost of Goods Manufactured
$
Transcribed Image Text:WATERWAY COMPANY (Partial) Income Statement For the Year Ended June 30, 2020 Sales Revenue : Cost of Goods Sold Finished Goods Inventory, July 1, 2019 2$ Cost of Goods Manufactured $
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