eviewing financial statements) Prepare a balance sheet and income statement for

Question

eviewing financial statements) Prepare a balance sheet and income statement for TNT, Inc., from the scrambled list of ms found here: BEB 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? . Prepare an income statement for TNT Complete the income statement below: (Select from the drop-dèwn menus and round to the nearest dollar.) TNT Inc. Income Statement Gross Profit Net Operating Income Earnings before Taxes Net Income

Explanation / Answer

TNT.Inc. Income Statement Net Sales=(A) $    8,59,000.00 Cost of goods sold=(B) $    4,45,700.00 Gross Profit=(C )=(A)-(B) $    4,13,300.00 Operating Expenses General & Administrative Expenses $    1,19,400.00 Depreciation Expense $       98,700.00 Total Operating expenses= (D) $    2,18,100.00 Operating Income=(E )=(C )-(D ) $    1,95,200.00 Non Operating & Others Interest Expense=(F ) $          7,190.00 Net Income befor tax=(G )=(E )-(F ) $    1,88,010.00 Tax=(H ) $       76,085.00 Net Income after tax=(G )-(H) $    1,11,925.00 TNT.INC. Balance sheet Assets Current Assets Cash $    3,37,200.00 Accounts Receivable $    2,51,570.00 Inventory $    1,49,360.00 Total Current Assets=(A) $    7,38,130.00 Fixed Assets Building & Equipment=(B) $ 13,43,400.00 Total Assets=(A)+(B) $ 20,81,530.00 Liabilities Current Liabilities Accumulated Depreciation $    3,94,200.00 Accounts Payable $    1,52,200.00 Accrued Expenses $       11,800.00 Taxes Payable $       21,985.00 Total Current Liabilites=(C ) $    5,80,185.00 Long Term Liabilities Note Payable $    1,12,000.00 Long Term Debts=(D) $    5,02,000.00 $    6,14,000.00 Total Liabilities=(E )=(C )+(D) $ 11,94,185.00 Stock Holder's Equity Common Stock $    4,34,100.00 Retained Earnings $    4,53,245.00 Total Stockholder's Equity= (F) $    8,87,345.00 Total Liabilities & Stock holder's Equity=(E )+(F) $ 20,81,530.00 Firms financial condition is good its Net Profit= $    1,11,925.00 Net Profit Ratio=(Net Profit after tax/Sales)=($111925/$85900) 13.03%

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