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EXTRA STATEMENT OF CASH FLOWS PRACTICE PROBLEMS Warner Corporatiorn Balance Sheets Dec.31,2018 Dec.31,2017 Assets: Cash Investments Accounts Receivable Inventory Prepaid Advertising Property & Equipment Accumulated Depreciation $350,000 $100,00o $100,000 230,000 20,000 630,000 (320,000) 1,110,00o $200,0 $140,000 200,000 10,000 770,000 (240,000) $1,080,000 Total Assets Liabilities & Stockholders' Equity Accounts Payable Interest Payable Notes Payable Common Stock & APIC Treasury Stock Retained Earnings $ 190,000 4,000 $266,000 240,000 (60,000) 470,000 $ 1,110,000 $150,000 8,000 $402,000 180,000 (40,000) 380,000 $1,080,0oo Total Liabilities & Stockholders' Equity Warner Corporation Income Statement Additional information about the 2018 transactions: The company purchased investments for $100,000 cas The company issued stock for $60,000 cash. $2,420,00o 1,750,000 670,000 175,000 60,000 120,000 315,000 35,000 10,000 270,000 80,000 $ 190,000 ales ost of Goods Sold Gross profit epreciation Expense vertising Expense her Operating Expenses The company sold some of its PP&E for $75,000 cash PP&E that was sold had an initial cost of $180,000 an Accumulated Depreciation of $95,00o. The company repaid $136,000 in principal owed on Operating Income erest Expense s on Sale of Property & Equipment Notes Payable The company declared and paid $10o,ooo in divide The company spent $20,ooo repurchasing its stoo > Income before taxes me Tax Expense Net Income The company purchased PP&E for $40,0oo cash. EXTR A STATEMENT OF CASH FLOWS PRACTICE PROBLEMS CONTINUED Use arner Corporation's financial statements to answer the following questions. & How much cash did Warner collect from customers in 2018? How much cash did Warner pay for inventory in 2018? How much cash did Warner pay for advertising in 2018 d Avv.AJ How much cash did Warner pay for interest in 2018? How much cash did Warner Day fo income taxe in 2018? 30a00