Prepare a balance sheet and income statement for TNT, Inc., from the scrambled list of items found here:

Depreciation expense $98,500

Cash 338,000

Long-term debt 501,900

Sales 860,500

Accounts payable 152,300

General and administrative expense 117,800

Buildings and equipment 1,342,800

Notes payable 111,700

Accounts receivable 250,735

Interest expense 7,200

Accrued expenses 11,920

Common stock 434,000

Cost of goods sold 446,500

Inventory 149,895

Taxes 75,500

Accumulated depreciation 394,200

Taxes payable 21,640

Retained earnings 453,770

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?