Question

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 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
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.)

Answer 1

The partial balance sheet for Waterways Corporation in November 2016 includes current assets such as cash, accounts receivable, and finished goods inventory. Long-term assets include depreciation for factory and office equipment. The total assets for the company are $776,950.

Step-by-step explanation:

Partial Balance Sheet for Waterways Corporation - November 2016

1. Current Assets:
   • Cash: $260,000
   • Accounts Receivable: $275,000
   • Finished Goods Inventory, November 30: $68,800
   • Prepaid Expenses: $41,250
   • Raw Materials Inventory, November 30: $52,700
2. Long-Term Assets:
   • Factory Equipment: Depreciation $16,800
   • Office Equipment: Depreciation $2,400
3. Total Assets: $776,950