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(Review of financial statements) Prepare a balance sheet and income statement for the Warner Company from the scrambled list of items found here in...

(Review of financial statements) Prepare a balance sheet and income statement for the Warner Company from the scrambled list of items found here in order to answer the question below. The statements do not need to be submitted, only your response to the question.

Depreciaton                                                                                                  $65,000

Cash                                                                                                                224,300

Long term debt                                                                                                334,000

Sales                                                                                                    573,000

Accounts payable                                                                                 101,600

General and admin expense                                                                 78,400

Buildings and equipment                                                                      895,200

Notes payable                                                                                        75,400

Accounts receivable                                                                                167,400

Interest expense                                                                                  4,790

Accrued expense                                                                                 7,900

Common stock                                                                                     288,200

Cost of goods sold                                                                             298,000

Inventory                                                                                              99,100

Taxes                                                                                                  51,100

Accumulated depreciation                                                                  262,900

Taxes payable                                                                                     53,200

Retained earnings                                                                             262,800

What can you say about the firm's financial condition based on the prepared financial statements?


Top Answer

a. Prepare an income statement for the Warner Company. Warner Company Income statement Sales 573,000 Cost of goods sold... View the full answer

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