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Problem 2-23 Financial Statements [LO1] Use the following information for Taco Swell, Incorporated, (assume the tax rate is 24 percent): 2020 2021 Sales $13,573 $14,136 Depreciation 1,701 1,776 Cost of goods sold 4,179 4,747 Other expenses 966 844 Interest 815 946 Cash 6,127 6,586 Accounts receivable 8,080 9,547 Short-term notes payable 1,210 1,187 Long-term debt 20,440 24,736 Net fixed assets 50,976 54,393 Accounts payable 4,448 4,764 Inventory 14,351 15,328 Dividends 1,150 1,658 Prepare a balance sheet for this company for 2020 and 2021. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.) Prepare a balance sheet for this company for 2020 and 2021. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.) Answer is not complete. TACO SWELL, INCORPORATED Balance Sheet as of December 31 2020 Assets Cash Accounts receivable Inventory Current assets Net fixed assets Total assets Liabilities & Equity Accounts payable Current liabilities Long-term debt Owners' equity Total liabilities & owners' equity $ S S S 6,127 8,080 14,351 28,558 50,976 79,534 1,210 4,448 5,658 20,440 $ $ $ $ 2021 6,586 9,547 15,328 31,461 54,393 85,854 1,187 4,764 5,951 24,736 Prepare an income statement for this company for 2020 and 2021. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Input all answers as positive values.) Answer is complete but not entirely correct. TACO SWELL, INCORPORATED Income Statement 2020 2021 Sales $ 13,573.00 $ COGS 4,179.00 Other expenses 966.00 Depreciation 1,701.00 EBIT $ 6,727.00 $ Interest 815.00 EBT $ 5,912.00 $ Taxes 1,359.72 X Net income 4,552.24 $ Dividends 1,150.00 Additions to RE 3,402.24 LA $ $ 14,136.00 4,747.00 844.00 1,776.00 6,769.00 946.00 5,823.00 1,339.29 4,483.71 X 1,658.00 2,825.71 Cash Accounts receivable Inventory Current assets Assets Net fixed assets Total assets TACO SWELL, INCORPORATED Balance Sheet as of December 31 2020 $ $ $ $ $ Accounts payable Accounts receivable Cash Cost of goods sold wers equity Total liabilities & owners' equity 6,127 $ 8,080 14,351 28,558 $ 50,976 79,534 $ 1,210 $ 4,448 5,658 20,440 $ 2021 6,586 9,547 15,328 31,461 54,393 85,854 1,187 4,764 5,951 24,736