Problem 3-13
Prepare a balance sheet and income statement for the Warner Company from the following scrambled list of items:
	Given Data:
	Depreciation Expense		$66,000.00
	Cash		$225,000.00
	Long-Term Debt		$334,000.00
	Sales		$573,000.00
	Accounts Payable		$102,000.00
	General & Administrative Expense		$79,000.00
	Buildings & Equipment		$895,000.00
	Notes Payable		$75,000.00
	Accounts Receivable		$167,500.00
	Interest Expense		$4,750.00
	Accrued Expenses		$7,900.00
	Common Stock		$289,000.00
	Cost of Goods Sold		$297,000.00
	Inventory		$99,300.00
	Taxes		$50,500.00
	Accumulated Depreciation		$263,000.00
	Taxes Payable		$53,000.00
	Retained Earnings		$262,900.00
a.	Prepare an income statement for the Warner Company.
	Warner Company
	Income Statement
	Sales
	Cost of Goods Sold
	Gross Profit
	Expenses
	General & Administrative Expense
	Depreciation Expense
	Total Operating Expenses
	Net Operating Income
	Interest Expense
	Earnings Before Taxes
	Taxes
	Net Income
b.	Prepare a balance sheet for the Warner Company.
	Warner Company
	Balance Sheet
	Assets
	Current Assets
	Cash
	Inventory
	Accounts Receivable
	Total Current Assets
	Fixed Assets
	Buildings & Equipment
	Less: Accumulated Depreciation
	Buildings & Equipment, net
	Total Assets
	Liabilities
	Current Liabilities
	Accounts Payable
	Taxes Payable
	Accrued Expenses
	Notes Payable
	Total Current Liabilities
	Long-Term debt
	Total Liabilities
	Shareholders' Equity
	Common Stock
	Retained Earnings
	Total Shareholders' Equity
	Total Liabilities & Shareholders' Equity
	PLEASE SHOW ALL EXCEL FORMULAS