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Information below is for Warner Manufacturing, Inc. for the year ended December 31, 20x1 except where beginning of year numbers indicated. All amounts in SAR unless otherwise stated.
Using the information below:
Question 1. Prepare an income statement with the proper title
Question 2. Prepare end of year balance sheet with the proper title
Question 3. Calculate net working capital
Question 4. Calculate the debt ratio
DATA
Depreciation expense
66,000
Cash
220,000
Long-Term Debt
330,000
Net Sales
615,000
Accounts payable
102,000
Marketing and general and administrative expenses
79,000
Buildings and Equipment
895,000
Notes payable
7,5000
Accounts receivable
156,000
Interest expense
4,750
Accrued expenses
7,900
Common Stock
289,000
Cost of Goods sold
297,000
Inventory
99,300
Taxes
67,300
Accumulated Depreciation
-26,3000
Prepaid expenses
14,500
Taxes payable
55,000
Retained earnings
262,900
Prepare Pharoah's November 1 entry, December 31 annual adjusting entry, and May 1 entry for the collection of the note and interest
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