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please i need help with this New lab Presented below are the financial statements of Warner Company. Warner Company Comparative Balance Sheets December 31 2017
please i need help with this New lab Presented below are the financial statements of Warner Company. Warner Company Comparative Balance Sheets December 31 2017 2016 Assets $20,000 $35,000 Cash Accounts receivable 14,000 20,000 20,000 Inventory 28,000 Property, plant, and equipment 78,000 60,000 Accumulated depreciation (32,000) (24,000) Total $111,000 $108,000 Liabilities and Stockholders' Equity Accounts payable $19,000 $15,000 Income taxes payable 7,000 8,000 Bonds payable 17,000 33,000 Common stock 18,000 14,000 Retained earnings 50,000 38,000 Total $111,000 $108,000 Warner Company Income Statement For the Year Ended December 31, 2017 Sales revenue $242,000 Cost of goods sold 175,000 Gross profit 67,000 Selling expenses $18,000 Administrative expenses 6,000 24,000 Income from operations 43,000 Interest expense 3,000 Income before income taxes 40,000 Income tax expense 8,000 Net income $32,000 Additional data: 1. Depreciation expense was $17,500. 2. Dividends declared and paid were $20,000 3. During the year equipment was sold for $8,500 cash. This equipment cost $18,000 originally and had accumulated depreciation of $9,500 at the time of sale. rch J a 152 PM 102/LZ hp S New Tab Prepare a statement of cash flows using the indirect method. (Show amounts that decrease cash flow with either a-sln eg.-15,000 or in parenthesis eg (15,000).) Warner Company Statement of Cash Flows Adjustments to reconcile net income to 152 PM 12/1/2019 hp New Tab eTextbook and Media search O
please i need help with this
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