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

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Finance

Problem 2-21 Financial Statements [LO1]

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

  

20172018
  Sales$16,073$15,636
  Depreciation1,7511,826
  Cost of goods sold4,4294,797
  Other expenses991869
  Interest840971
  Cash6,2026,736
  Accounts receivable8,1309,697
  Short-term notes payable1,2601,237
  Long-term debt20,59024,861
  Net fixed assets51,08654,543
  Accounts payable4,5284,914
  Inventory14,43615,378
  Dividends1,4001,708

  

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
20172018
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 answersto 2 decimal places, e.g., 32.16. Input all answers as positivevalues.)

TACO SWELL, INC.
Income Statement
20172018
Sales
COGS
Other expenses
Depreciation
EBIT
Interest
EBT
Taxes
Net income
Dividends
Additions to RE

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