WendigoMeow
05.05.2020 •
Business
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 $275,000Advertising Expenses 54,000Cash 260,000Depreciation—Factory Equipment 16,800Depreciation—Office Equipment 2,400Direct Labor 42,000Factory Supplies Used 16,800Factory Utilities 10,200Finished Goods Inventory, November 1 72,550Finished Goods Inventory, November 30 68,800Indirect Labor 48,000Office Supplies Expense 1,600Other Administrative Expenses 72,000Prepaid Expenses 41,250Raw Materials Inventory, November 1 38,000Raw Materials Inventory, November 30 52,700Raw Materials Purchases 184,500Rent—Factory Equipment 47,000Repairs—Factory Equipment 4,500Salaries 325,000Sales Revenue 1,350,000Sales Commissions 40,500Work in Process Inventory, November 1 52,700Work in Process Inventory, November 30 42,000A list of accounts and their values are given above. From this information, prepare a cost of goods manufactured schedule.A list of accounts and their values are given above. From this information, prepare an income statement. 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.)
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Ответ:
Explanation:
PREPARE COST OF GOODS MANUFACTURED :
Beginning work in process 42000
Raw material consumed
Beginning raw material38000
Add : raw material purchase184500
Less : Ending raw material(52700)
Raw material consumed 169800
DIrect labour 42000
Factory overhead
Factory supplies used16800
Factory utilities10200
Depreciation factory equipment16800
Indirect labour48000
Property taxes5500
Reent factory equipment47000
Repairs factory equipment4500
Total manufacturing overhead 148800
Total manufacturing cost 360600
Less : Ending work in process (52700)
Cost of goods manufactured
INCOME STATEMENT :
Sales revenue 1350000
Cost of goods sold
Beginning finished goods inventory72550
Cost of goods manufactured349900
goods available for sale422450
Less : endin finished goods inventory(68800)
Cost of goods olsld (353650)
Gross profit 996350
Less : advertising expenses(54000)
Less : selling commission(40500)
Less : dep on office equipment(2400)
Less : office suppplies used(1600)
Less : other administrative exp(72000)
Less : Salaries exp(325000)(495500)
Net income 500850
BALANCE SHEET CURRENT SECTION :
ASSETS
Current assets
Cash 260000
Account receivable 275000
Prepaid exp 41250
Inventory
Raw material52700
Work in process52700
Finished goods68800174200
Total current assets 750450
Ответ:
Answer;
B. never changes
Explanation;
-The fixed monthly payment for a fixed-rate mortgage is the amount paid by the borrower every month that ensures that the loan is paid off in full with interest at the end of its term.
The advantage of the fixed rate mortgage is that the payment is the same each month. This predictability makes it easier to plan your budget. There is no need to worry about future higher payments as with an adjustable-rate mortgage. There is a pay off a little of the principal each month. That automatically increases owner's home equity. -