Question

Prepare a balance sheet and income statement for​ TNT, Inc., from the scrambled list of items found​ here: LOADING.... 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? a. Prepare an income statement for TNT. Depreciation_expense $98,700 Cash 337,900 Long-term_debt 501,300 Sales 859,200 Accounts_payable 154,000 General_and_administrative_expense 117,700 Buildings_and_equipment 1,342,400 Notes_payable 113,000 Accounts_receivable 251,195 Interest_expense 7,060 Accrued_expenses 11,880 Common_stock 433,500 Cost_of_goods_sold 446,300 Inventory 148,225 Taxes 74,780 Accumulated_depreciation 393,500 Taxes_payable 21,015 Retained_earnings 451,525

Answer 1

Income Statement
Sales		859200
Less: Cost of goods sold		446300
Gross Profit		412900
Less: Operating expenses
Depreciation	98700
General and administrative expense	117700
Operating expenses		216400
EBIT		196500
Interest	7060
Profit before tax		189440
Taxes	74780
Net Income		114660

Balance Sheet
Liabilities			Assets
Accounts payable	154000		Cash	337900
Notes payable	113000		Accounts receivable	251195
Accrued expenses	11880		Inventory	148225
Taxes payable	21015		Current assets		737320
Current liabilities		299895
Long term debt	501300	501300
			Buildings and equipment	1342400
Common stock	433500		Less: Accumulated depreciation	393500
Retained Earnings	451525		Net fixed assets		948900
Equity		885025
Total liabilities and equity		1686220	Total assets		1686220