(Review of financial statements) Prepare a balance sheet and income statement for the Warner Company from the scrambled list of items found here in order to answer the question below. The statements do not need to be submitted, only your response to the question.

Depreciaton $65,000

Cash 224,300

Long term debt 334,000

Sales 573,000

Accounts payable 101,600

General and admin expense 78,400

Buildings and equipment 895,200

Notes payable 75,400

Accounts receivable 167,400

Interest expense 4,790

Accrued expense 7,900

Common stock 288,200

Cost of goods sold 298,000

Inventory 99,100

Taxes 51,100

Accumulated depreciation 262,900

Taxes payable 53,200

Retained earnings 262,800

What can you say about the firm's financial condition based on the prepared financial statements?