(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.
Long term debt 334,000
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
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?
a. Prepare an income statement for the Warner Company. Warner Company Income statement Sales 573,000 Cost of goods sold... View the full answer