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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

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jeff jeffy answered 3 months ago
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