Prepare a balance sheet and income statement for TNT, Inc, from the following scrambled list of items: Depreciation $ 99,000 Cash 337,500 Long-term debt 501,000 Sales 859,500 Accounts payable 153,000
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Prepare a balance sheet and income statement for
TNT, Inc, from the following scrambled list of items:
Depreciation $ 99,000
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Order Paper NowCash 337,500
Long-term debt 501,000
Sales 859,500
Accounts payable 153,000
General and administrative expense 118,500
Buildings and equipment 1,342,500
Notes payable 112,500
Accounts receivable 251,250
Interest expense 7,125
Accrued expenses 11,850
Common stock 433,500
Cost of goods sold 445,500
Inventory 148,950
Taxes 75,750
Accumulated depreciation 394,500
Taxes payable 21,750
Retained earnings 79,500
a) prepare an income statement for TNT
b) prepare a balance sheet for TNT.
c) what can you say about the firm’s financial condition based on these financial statements?
