Problem 2-21 Financial Statements [LO1]
Use the following information for Taco Swell, Inc., (assume the
tax rate...
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Problem 2-21 Financial Statements [LO1]
Use the following information for Taco Swell, Inc., (assume thetax rate is 21 percent):
 Â
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
 Â
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 answersto 2 decimal places, e.g., 32.16. Input all answers as positivevalues.)
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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