80.2K

Verified Solution

Link Copied!

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			54,603
Accounts payable		4,560			4,974
Inventory		14,470			15,398
Dividends		1,500			1,728

Prepare a balance sheet of this company for 2014 and 2015. (Do not round intermediate calculations. Be sure to list the accounts in order of their liquidity.)

TACO SWELL, INC. Balance Sheet as of Dec. 31
	2014		2015
Assets
(Click to select)Accounts receivableCashNotes payableAccounts payableInventory	$		$
(Click to select)Accounts receivableAccounts payableLong-term debtNotes payableOwners' equity
(Click to select)Accounts payableAccounts receivableNet fixed assetsNotes receivableInventory
Current assets	$		$
(Click to select)Notes receivableNet fixed assetsAccounts receivableLong-term debtAccounts payable
Total assets	$		$
Liabilities
(Click to select)Long-term debtCost of goods soldAccounts receivableNet fixed aseetsAccounts payable	$		$
(Click to select)Accounts receivableAccounts payableCashNotes payableNotes receivable
Current liabilities	$		$
(Click to select)Cost of goods soldOwners' equityCashLong-term debtAccounts receivable
(Click to select)Notes receivableCost of goods soldAccounts receivableCashOwners' equity
Total liabilities & owners' equity	$		$

Prepare an income statement for this company for 2014 and 2015. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16. Input all amounts as positive values.)

TACO SWELL, INC. Income Statement
	2014		2015
Sales	$		$
COGS
Other expenses
Depreciation
EBIT	$		$
Interest
EBT	$		$
Taxes (30%)
Net income	$		$
Dividends	$		$
Additions to RE

Answer & Explanation Solved by verified expert

See Answer