Question: Complete the attached homework assignment. Submit this assignment to this Assignment Submission Folder. See the due dates on the course syllabus. Be sure to show
Complete the attached homework assignment. Submit this assignment to this Assignment Submission Folder. See the due dates on the course syllabus. Be sure to show your work. By completing this homework you will gain an understanding of the concepts which you will need to comprehend to pass the course.
***I have to show how I got the answers to each question and how I got the Cost of Goods and all of that stuff***
MBA518 Financial Management Assignment 1
Prepare a balance sheet and income statement for the Warner Company from the following scrambled list of items found below.
| Depreciation Expense | $ 66,000 |
| Cash | 225,000 |
| Long-term Debt | 334,000 |
| Sales | 573,000 |
| Accounts Payable | 102,000 |
| General and Administrative Expense | 79,000 |
| Buildings and Equipment | 895,000 |
| Notes Payable | 75,000 |
| Accounts Receivable | 167,500 |
| Interest Expense | 4,750 |
| Accrued Expenses | 7,900 |
| Common Stock | 289,000 |
| Cost of Goods Sold | 297,000 |
| Inventory | 99,300 |
| Taxes | 50,500 |
| Accumulated Depreciation | 263,000 |
| Taxes Payable | 53,000 |
| Retained Earnings | 262,900 |
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- Prepare an income statement for the Warner Company.
- Prepare a balance sheet for the Warner Company.
- What can you say about the firms financial condition based on these financial statements?
- What is the importance of analyzing these financial statements?
- Because financial statements are transactions based and backward facing, they must be used with caution in financial decision making and analysis. Why? What other consideration should you take into account when using financial statements for investment decisions?
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