Use the provided Excel template to submit your responses to each of the study problems from the textbook below: 3–13, p. 73. Reviewing financial statements 3–15, p. 74. Analyzing the cash flow statem

• 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

  1. Prepare an income statement for TNT.

  2. Prepare a balance sheet for TNT.

  3. What can you say about the firm’s financial condition based on these financial statements?