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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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