STUDY PROBLEMS (SET B) Todo 2E (Review of fAnancial statements) Prepare a balance sheet and income statement as of er 31, 2001 for the Warner Company from the following list of items $ 66,000 225,000 334,000 573,000 102,000 79,000 895,000 75,000 153,000 4,750 7,900 289,000 297,000 99,300 50,500 263,000 14,500 53,000 262,990 Cash Lohg-term debt Sales-van v Accounts payable- General and administrative expenses Buildings and equipment tes payable Accounts receivable ( Internst expense Accrued expenses Common stock Cost of goods s Taxes Accumulated depreciation Prepaid expenses Txes payable Retained eanings 2-2B. (Review of financial statements) Prepare a balance sheet and income statement as of Escember 31, 2001, for the Sabine Mfg. Co. froim the following list of items. Ignore income taxes and interest expense. Accounts receivable $150,000 700,000 236,000 90,000 Machinery and equipment Accurmulated depreciation Notes payable-current Net sales Inventory Accounts payable Long-term debt Cost of goods sold Operating expenses 110,000 90,000 160,000 550,000 280,000 320,000 90,000 Common stock Cash Retained earnings prior year Retained earnings-current year 2-3.1. saler were $3.5 million. The cost of its merchandise sold cam to $2 expenses were $500,000; depreciation expense was $100,000, and on bank loans. Also, the corporation paid $25,000 in dividends Calculate the corporation's tax liability (Corporate income tax) Cook, Inc., sells minicomputers. During the past year, the company's million, and cash operating the firm paid $165,000 in interest to its own common stockholders