Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent):

	2020	2021
Sales	$ 18,073	$ 16,836
Depreciation	1,791	1,866
Cost of goods sold	4,629	4,837
Other expenses	1,011	889
Interest	860	991
Cash	6,262	6,856
Accounts receivable	8,170	9,817
Short-term notes payable	1,300	1,277
Long-term debt	20,710	24,961
Net fixed assets	51,174	54,663
Accounts payable	4,592	5,034
Inventory	14,504	15,418
Dividends	1,600	1,748

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.)

TACO SWELL, INCORPORATED

Balance Sheet as of December 31

2020 2021

AssetsCash$6,262 $6,856

Accounts receivable8,170 9,817

Inventory14,504 15,418

Current assets$28,936 $32,091

Net fixed assets51,174 54,663

Total assets$80,110 $86,754

Liabilities & Equity

Accounts payable$4,592 $5,034

Notes payable1,300 1,277

Current liabilities$5,892 $6,311

Long-term debt20,710 24,961

Owners' equity53,508 57,999

Total liabilities & owners' equity$80,110 $86,754

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.)

TACO SWELL, INCORPORATED

Income Statement

2020 2021

Sales$18,073.00 $16,836.00

COGS 4,629.00 4,837.00

Other expenses 1,011.00 889.00

Depreciation 1,791.00 1,866.00

EBIT $10,642.00 $9,244.00

Interest 860.00 991.00

EBT$9,782.00 $8,253.00

Taxes 2,934.60 2,475.90

Net income$6,847.40 $5,777.10

Dividends$1,600.00 $1,748.00

Additions to RE 5,247.40 4,029.10