Prepare a balance sheet and income statement for

TNT, Inc, from the following scrambled list of items:

Depreciation $ 99,000

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Cash 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?

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