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Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent): Sales Depreciation Cost of goods sold Other expenses Interest Cash
Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent): Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2020 2021 $ 21,514 $ 24,047 3,089 3,229 7,397 8,750 1,759 1,531 1,443 1,723 11,279 12,021 14,934 17,529 2,176 2,133 37,778 45,798 94,601 100,893 8,150 8,632 26,551 28,421 2,573 3,008 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.) 2021 TACO SWELL, INCORPORATED Balance Sheet as of December 31 2020 Assets Cash 8,676 Accounts receivable 11,488 Inventory 20,164 0 Current assets Net fixed assets $ 20,164 $ 0 Total assets Liabilities & Equity Accounts payable Notes payable 0 0 Current liabilities Long-term debt Owners' equity Total liabilities & owners' equity $ 0 0 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 amounts as positive values.) Answer is not complete. 2021 TACO SWELL, INCORPORATED Income Statement 2020 Sales COGS Other expenses Depreciation EBIT 0.00 $ Interest EBT $ 0.00 $ Taxes (21%) Net income $ 0.00 $ Dividends Additions to RE 0.00 0.00 0.00 0.00 0.00
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