Prepare a balance sheet and income statement for the Warner Company from the fol

Depreciation expense $66,000
Cash 225,000
Long-term debt 334,000
Sales 573,000
Accounts Payable 102,000
General & Administrative expenses 79,000
Buildings and Equipment 895,000
Notes Payable 75,000
Accounts Receivable 153,000
Interest expense 4,750
Accrued expenses 7,950
Common Stock 289,000
Cost of goods sold 297,000
Inventory 99,300
Taxes 50,500
Accumulated depreciation 263,000
Prepaid expenses 14,500
Taxes payable 53,000
Retained earnings 262,900

Total Credit:
225,000 + 573,000 + 153,000 + 262,900 +289,000 = 1502000 $
Total debit: 102,000 + 79,000 + 75,000 + 895,000 + 4,750 + 99,300+14,500+53,000
= 1388550

Net working capital = 1502000 - 1388550 =113450 $

Debt ratio:= total debt / total asset
= 334000 / (1502000) = 0.222

 

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