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Use the following information for Taco Swell, Inc., (assume the tax rate is 30 percent): 2010 2011 Sales $ 20,573 $ 18,336 Depreciation 1,841 1,916
Use the following information for Taco Swell, Inc., (assume the tax rate is 30 percent): |
2010 | 2011 | |||||
Sales | $ | 20,573 | $ | 18,336 | ||
Depreciation | 1,841 | 1,916 | ||||
Cost of goods sold | 4,879 | 4,887 | ||||
Other expenses | 1,036 | 914 | ||||
Interest | 885 | 1,016 | ||||
Cash | 6,337 | 7,006 | ||||
Accounts receivable | 8,220 | 9,967 | ||||
Short-term notes payable | 1,350 | 1,327 | ||||
Long-term debt | 20,860 | 25,086 | ||||
Net fixed assets | 51,284 | 54,813 | ||||
Accounts payable | 4,672 | 5,184 | ||||
Inventory | 14,589 | 15,468 | ||||
Dividends | 1,850 | 1,798 | ||||
Prepare a balance sheet of this company for 2010 and 2011. (Be sure to list the accounts in order of their liquidity.) |
TACO SWELL, INC., Balance Sheet as of Dec. 31 | |||
2010 | 2011 | ||
Assets | |||
(Click to select)Accounts payableInventoryCashAccounts receivableNotes payable | $ | $ | |
(Click to select)Accounts payableLong-term debtAccounts receivableOwners' equityNotes payable | |||
(Click to select)InventoryNotes receivableAccounts receivableNet fixed assetsAccounts payable | |||
Current assets | |||
(Click to select)Accounts payableNet fixed assetsAccounts receivableNotes receivableLong-term debt | |||
Total assets | $ | $ | |
Liabilities | |||
(Click to select)Cost of goods soldNet fixed aseetsAccounts receivableAccounts payableLong-term debt | $ | $ | |
(Click to select)Accounts receivableNotes receivableAccounts payableCashNotes payable | |||
Current liabilities | |||
(Click to select)Owners' equityCashLong-term debtCost of goods soldAccounts receivable | |||
(Click to select)Accounts receivableCashOwners' equityCost of goods soldNotes receivable | |||
Total liabilities & owners' equity | $ | $ | |
Prepare an income statement for this company for 2010 and 2011. (Round your answers to 2 decimal places. (e.g., 32.16)) |
TACO SWELL, INC., Income Statement | |||
2010 | 2011 | ||
Sales | $ | $ | |
COGS | |||
Other expenses | |||
Depreciation | |||
EBIT | $ | $ | |
Interest | |||
EBT | |||
Taxes (30%) | |||
Net income | |||
Dividends | $ | $ | |
Additions to RE | |||
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