Check my Use the following information for Taco Swell, Inc., (assume the tax rat
ID: 2808228 • Letter: C
Question
Check my Use the following information for Taco Swell, Inc., (assume the tax rate is 21 percent: 2017 2018 $14,073 $14,436 1,711 4,229 Cost of goods sold 4,757 Other expenses 971 820 951 Cash 6,142 6,616 Accounts receivable 8.090 9.577 Short-term notes 1,197 20,470 24,761 50,998 54,423 4,794 1438 15,338 1,200 1668 1.220 1 payable Long-term debt Net fixed assets Accounts payable4, Inventory 4,464 Prepare a balance sheet for this company for 2017 and 2018. (Do not round intermediate calculations.) TACO SWELL, INC. Balance Sheet as of Dec. 31 2017 2018 Assets Current assets Total assets 85.954 Liabllitles & Equity Current abilities 5.991Explanation / Answer
TACO SWELL INC INCOME STATEMENT 2017 2018 Sales $14,073 $14,436 COGS $4,229 $4,757 Other Expenses $971 $849 Depreciation $1,711 $1,786 EBIT $7,162 $7,044 Interest $820 $951 EBT $6,342 $6,093 Taxes @ 21% $1,331.82 $1,279.53 Net Income $5,010.18 $4,813.47 Dividends $1,200 $1,668 Additions to RE $3,810.18 $3,145.47 TACO SWELL, INC BALANCE SHEET AS OF DEC.31 2017 2018 ASSETS Cash $6,142 $6,616 Accounts Receivable $8,090 $9,577 Inventory $14,368 $15,338 Current Assets $28,600 $31,531 Net Fixed Assets $50,998 $54,423 Total Assets $79,598 $85,954 LIABILITIES AND EQUITY Short Term Notes Payable $1,220 $1,197 Accounts Payable $4,464 $4,794 Current Liabilities $5,684 $5,991 Long Term Debt $20,470 $24,671 Retained Earnings $3,810.18 $6,955.65 Owner's Equity $49,633.82 $48,336.35 Total Liabilities and owner's equity $79,598.00 $85,954.00