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Use the following information for Taco Swell, Inc., (assume the tax rate is 23 percent) 2017 2018 Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes 13,073 $13,836 1,691 1,766 4,129 4,737 839 941 6,112 6,556 9,517 961 810 8,070 1,200 1,177 payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 20,410 24,711 50,954 54,363 4,432 4,734 14,334 15,318 1,648 1,100intermediate calculations.) TACO SWELL, INC. Balance Sheet as of Dec. 31 2017 2018 Assets Current assets Total assets 85,754 Liabilities & Equity Current liabilities 5,911 Total liabilities & owners equityPrepare an income statement for this company for 2017 and 2018. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16. Input all answers as positive values.) TACO SWELL, INC Income Statement 2017 2018 Sales COGS Other expenses Depreciation EBIT Interest EBT Taxes Net income Dividends Additions to RE

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Answer #1
TACO WELL INC.
INCOME STATEMENT 2017 2018
Sales $                   13,073 13836
COGS $                     4,129 4737
Other Expeneses $                         961 839
Dpreciation $                     1,691 1766
EBIT $                     6,292 $                    6,494
Interest $                         810 941
EBT $                     5,482 $                    5,553
Taxes @ 23% $               1,260.86 $              1,277.19
Net Income $               4,221.14 $              4,275.81
Dividends $               1,100.00 $              1,648.00
addittiona to RE $               3,121.14 $              2,627.81
TACO WELL INC.
BALANCE SHEET AMOUNT   AMOUNT  
ASSETS 2017 2018
CURRENT ASSETS:
Cash $                     6,112 $                    6,556
Account Receivable $                     8,070 $                    9,517
Inventory $                   14,334 $                  15,318
FIXED ASSETS:
Net Fixed Assets $                   50,954 $                  54,363
TOTAL OF ASSETS $                   79,470 $                  85,754
LIABILITIES & SHAREHOLDER'S EQUITY AMOUNT   AMOUNT  
2017 2018
LIABILITIES:
Account Payable $                     4,432 $                    4,734
Short Term Notes Payable $                     1,200 $                    1,177
Long Term Debt $                     5,632 $                    5,911
SHAREHOLDER'S EQUITY
Common Shareholder's Equity (Bal. Fingure) $             70,716.86 $            77,215.19
Accumulated Retained Earnings $               3,121.14 $              2,627.81
TOTAL OF LIABILITES & SAHREHOLDER'S EQUITY $                   79,470 $                  85,754
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