Book:

Financial Management: Principles and Applications Edition: 13th

Authors: Sheridan Titman, Arthur Keown, John D Martin

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Q 3-13

(Reviewing financial statements) Prepare a balance sheet and income statement for TNT, Inc., from the following scrambled list of items: Depreciation expense Cash Long-term debt Sales Accounts payable General and administrative expense Buildings and equipment Notes payable Accounts Interest expense Accrued expenses Common stock Cost of goods sold Inventory Taxes Accumulated depreciation Taxes payable Retained earnings $ 99,000 337.500 501,000 859,500 153,000 118,500 1,342,500 113,850 251,250 7.125 11,850 433.500 445,500 148,950 75,750 394,500 79,500 393,000 receivable 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