Prepare a balance sheet and income statement forTNT, Inc, from the following scrambled list of items:Depreciation $ 99,000Cash 337,500Long-term debt 501,000Sales 859,500Accounts payable 153,000General and administrative expense 118,500Buildings and equipment 1,342,500Notes payable 112,500Accounts receivable 251,250Interest expense 7,125Accrued expenses 11,850Common stock 433,500Cost of goods sold 445,500Inventory 148,950Taxes 75,750Accumulated depreciation 394,500Taxes payable 21,750Retained earnings 79,500a) prepare an income statement for TNTb) 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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