BBA 3301 Unit II Assignment
ACE.M
3-13.rtf
- 3–13. (Reviewing financial statements) Prepare a balance sheet and income statement for TNT, Inc., from the following scrambled list of items:
Depreciation expense
- $ 99,000
- 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
- 113,850
- 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
- 79,500
- Retained earnings
- 393,000
-
- Prepare an income statement for TNT.
Prepare a balance sheet for TNT.
What can you say about the firm’s financial condition based on these financial statements?
