Question

I am doing something wrong in b

(Reviewing financial statements) Prepare a balance sheet and income statement for TNT, Inc., from the scrambled list of items found here 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? i Data Table Income Taxes Net Income 75, 105 114,830 b. Prepare a balance sheet for TNT Complete the assets part of the balance sheet below. (Select from the drop-down menus and round The Warner Company Balance Sheet Cash Accounts Payable Inventories 337100 152500 Depreciation expense Cash Long-term debt Sales Accounts payable General and administrativ Buildings and equipment Notes payable Accounts receivable Interest expense Accrued expenses Common stock Cost of goods sold Inventory Taxes Accumulated depreciation Taxes payable Retained earnings 148815 Current Assets Buildings and Equipment Less: Accumulated Depreciation 638415 1342700 395200 947500 1895000 Net Plant and Equipment Total Assets Choose from any list or enter any number in the input fields and then click Check Answer. Print 2 parts remaining Clear A O Type here to search

Answer 1

Answer b)

The current assets items

It should be

Current assets = Cash + Accounts receivable + Inventories = $ 337100 + $ 251245 + $ 148815 = $ 737160

[ Note - it should be Accounts receivable instead of Accounts payable. The item Accounts payable should come under Current liabilities section ]

Non current assets = Buildings and equipment - less accumulated depreciation = Net plant and equipment
= $ 1342700 - $ 395200
= $ 947500

Total assets = current assets + non-current assets
= $ 737160 + $ 947500
= $ 1684660