Question

In: Finance

Problem 2-21 Financial Statements [LO1] Use the following information for Taco Swell, Inc., (assume the tax...

Problem 2-21 Financial Statements [LO1]

Use the following information for Taco Swell, Inc., (assume the tax rate is 21 percent):

  

2017 2018
  Sales $ 16,073 $ 15,636
  Depreciation 1,751 1,826
  Cost of goods sold 4,429 4,797
  Other expenses 991 869
  Interest 840 971
  Cash 6,202 6,736
  Accounts receivable 8,130 9,697
  Short-term notes payable 1,260 1,237
  Long-term debt 20,590 24,861
  Net fixed assets 51,086 54,543
  Accounts payable 4,528 4,914
  Inventory 14,436 15,378
  Dividends 1,400 1,708

  

Prepare a balance sheet for this company for 2017 and 2018. (Do not round intermediate calculations.)
TACO SWELL, INC.
Balance Sheet as of Dec. 31
2017 2018
Assets
Current assets
Total assets $86,354
Liabilities & Equity
Current liabilities $6,151
Total liabilities & owners' equity

Prepare an income statement for this company for 2017 and 2018. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16. Input all answers as positive values.)
TACO SWELL, INC.
Income Statement
2017 2018
Sales
COGS
Other expenses
Depreciation
EBIT
Interest
EBT
Taxes
Net income
Dividends
Additions to RE

Solutions

Expert Solution


jeff jeffy answered 5 months ago
Next > < Previous

Related Solutions

Use the following information for Taco Swell, Inc., (assume the tax rate is 21 percent):   ...
Use the following information for Taco Swell, Inc., (assume the tax rate is 21 percent):    2017 2018   Sales $ 25,049 $ 19,278   Depreciation 2,546 2,654   Cost of goods sold 6,540 6,901   Other expenses 1,462 1,263   Interest 1,195 1,410   Cash 8,761 9,757   Accounts receivable 11,658 13,992   Short-term notes payable 1,844 1,811   Long-term debt 29,570 35,654   Net fixed assets 73,160 78,120   Accounts payable 6,371 7,150   Inventory 20,713 22,032   Dividends 2,829 2,484 For 2018, calculate the cash flow from assets, cash flow...
Use the following information for Taco Swell, Inc., (assume the tax rate is 21 percent):   ...
Use the following information for Taco Swell, Inc., (assume the tax rate is 21 percent):    2017 2018   Sales $ 21,049 $ 19,038   Depreciation 2,466 2,574   Cost of goods sold 6,140 6,821   Other expenses 1,406 1,223   Interest 1,155 1,370   Cash 8,721 9,517   Accounts receivable 11,578 13,752   Short-term notes payable 1,764 1,731   Long-term debt 29,330 35,454   Net fixed assets 72,976 77,880   Accounts payable 6,323 6,910   Inventory 20,577 21,952   Dividends 2,429 2,404 For 2018, calculate the cash flow from assets, cash flow...
Use the following information for Taco Swell, Inc., (assume the tax rate is 21 percent): 2017...
Use the following information for Taco Swell, Inc., (assume the tax rate is 21 percent): 2017 2018 Sales $ 16,549 $ 18,498 Depreciation 2,376 2,484 Cost of goods sold 5,690 6,731 Other expenses 1,353 1,178 Interest 1,110 1,325 Cash 8,676 9,247 Accounts receivable 11,488 13,482 Short-term notes payable 1,674 1,641 Long-term debt 29,060 35,229 Net fixed assets 72,770 77,610 Accounts payable 6,269 6,640 Inventory 20,424 21,862 Dividends 1,979 2,314 Prepare a balance sheet for this company for 2017 and 2018....
Use the following information for Taco Swell, Inc., (assume the tax rate is 23 percent):   ...
Use the following information for Taco Swell, Inc., (assume the tax rate is 23 percent):    2017 2018   Sales $ 17,073 $ 16,236   Depreciation 1,771 1,846   Cost of goods sold 4,529 4,817   Other expenses 1,001 879   Interest 850 981   Cash 6,232 6,796   Accounts receivable 8,150 9,757   Short-term notes payable 1,280 1,257   Long-term debt 20,650 24,911   Net fixed assets 51,130 54,603   Accounts payable 4,560 4,974   Inventory 14,470 15,398   Dividends 1,500 1,728    Prepare a balance sheet for this company for 2017...
Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent):   ...
Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent):    2017 2018   Sales $ 24,549 $ 19,248   Depreciation 2,536 2,644   Cost of goods sold 6,490 6,891   Other expenses 1,455 1,258   Interest 1,190 1,405   Cash 8,756 9,727   Accounts receivable 11,648 13,962   Short-term notes payable 1,834 1,801   Long-term debt 29,540 35,629   Net fixed assets 73,137 78,090   Accounts payable 6,365 7,120   Inventory 20,696 22,022   Dividends 2,779 2,474 For 2018, calculate the cash flow from assets, cash flow...
Use the following information for Taco Swell, Inc., (assume the tax rate is 22 percent):   ...
Use the following information for Taco Swell, Inc., (assume the tax rate is 22 percent):    2017 2018   Sales $ 18,573 $ 17,136   Depreciation 1,801 1,876   Cost of goods sold 4,679 4,847   Other expenses 1,016 894   Interest 865 996   Cash 6,277 6,886   Accounts receivable 8,180 9,847   Short-term notes payable 1,310 1,287   Long-term debt 20,740 24,986   Net fixed assets 51,196 54,693   Accounts payable 4,608 5,064   Inventory 14,521 15,428   Dividends 1,650 1,758    Prepare a balance sheet for this company for 2017...
Use the following information for Taco Swell, Inc., (assume the tax rate is 34 percent):   ...
Use the following information for Taco Swell, Inc., (assume the tax rate is 34 percent):    2010 2011   Sales $ 11,573 $ 12,936   Depreciation 1,661 1,736   Cost of goods sold 3,979 4,707   Other expenses 946 824   Interest 776 926   Cash 6,067 6,466   Accounts receivable 8,034 9,427   Short-term notes payable 1,171 1,147   Long-term debt 20,320 24,636   Net fixed assets 50,888 54,273   Accounts payable 4,384 4,644   Inventory 14,283 15,288   Dividends 1,411 1,618    Prepare a balance sheet of this company for 2010...
Use the following information for Taco Swell, Inc., (assume the tax rate is 30 percent): 2014...
Use the following information for Taco Swell, Inc., (assume the tax rate is 30 percent): 2014 2015 Sales $ 17,073 $ 16,236 Depreciation 1,771 1,846 Cost of goods sold 4,529 4,817 Other expenses 1,001 879 Interest 850 981 Cash 6,232 6,796 Accounts receivable 8,150 9,757 Short-term notes payable 1,280 1,257 Long-term debt 20,650 24,911 Net fixed assets 51,130 57,120 Accounts payable 4,560 4,974 Inventory 14,470 15,398 Dividends 1,500 1,728 For 2015, calculate the cash flow from assets, cash flow to...
Use the following information for Taco Swell, Inc., (assume the tax rate is 34 percent): 2010...
Use the following information for Taco Swell, Inc., (assume the tax rate is 34 percent): 2010 2011 Sales $ 11,573 $ 12,936 Depreciation 1,661 1,736 Cost of goods sold 3,979 4,707 Other expenses 946 824 Interest 776 926 Cash 6,067 6,466 Accounts receivable 8,034 9,427 Short-term notes payable 1,171 1,147 Long-term debt 20,320 24,636 Net fixed assets 50,888 54,273 Accounts payable 4,384 4,644 Inventory 14,283 15,288 Dividends 1,411 1,618 Prepare a balance sheet of this company for 2010 and 2011....
Problem 1-21 Traditional and Contribution Format Income Statements [LO1-6] Marwick’s Pianos, Inc., purchases pianos from a...
Problem 1-21 Traditional and Contribution Format Income Statements [LO1-6] Marwick’s Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,517 per unit and then sells them to retail customers for an average price of $2,800 each. The company’s selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $ 942 per month Sales salaries and commissions $ 4,804 per month, plus 3% of sales Delivery of pianos to customers $...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT