(Answered) Question - review of financial statements prepare a balance

Accounting

Question - (Review of financial statements) Prepare a balance sheet and income statement for the Terrence Company from the following scrambled list of items:

Depreciation expense	$66,000
Cash	225,000
Long-term debt	334,000
Sales	573,000
Accounts payable	102,000
General and administrative expense	79,000
Buildings and equipment	895,000
Notes payable	75,000
Accounts receivable	167,500
Interest expense	4,750
Accrued expenses	7,900
Common stock	289,000
Cost of goods sold	297,000
Inventory	99,300
Taxes	50,500
Accumulated depreciation	263,000
Taxes payable	53,000
Retained earnings	262,900

1. Prepare an income statement for the Terrence Company.

2. Prepare a balance sheet for the Terrence Company.

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

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