Question

1. Complete Tacos Corporation's financial statements by determining the missing amounts denoted by the letters. If necessary, round numbers up to the nearest whole dollar. (Round the tax calculation to the nearest thousand dollars. Use parentheses or a minus sign when entering a net decrease in cash) 2019 2018 (in Thousands) Income Statement $ 14,850 $ 12,010 1,230 15,100 11,820 1,160 2,120 Revenues Cost of goods sold Other expenses Income before income taxes Income taxes (35%) Net income Statement of Retained Earnings Beginning balance Net income 1,610 563.5 1046.5 $ 742 1,378 $ 4,028 $ 1046.5 (90) 4984.5 $ 2,780 1,378 (130) 4,028 Dividends Ending balance Balance Sheet Assets Cash Property, plant, and equipment 1,225 $ 1,587 12237.5 1,145 1,376 11,252 Other assets

Hi there,

Can you help me solve this problem? I already calculated all of them but it has something incorrect. The answer showed that income taxes of 2019 is incorrect. Can you calculate again all of them and I want to know where was I wrong?

Answer 1

2019 2018 in Thousands) $14,850 $15.100 $12.010 $11,820 $1.230 $1,160 $1,610 $2,120 $564 $742 $1,047 $1,378 $4.028 $1,047 -$90 $4,985 $2.780 $1,378 -$130 $4,028 $1,065 $1.145 $1,587 $1,376 $12,398 $11.252 $15,050 $13,773 Income Statement Revenues Cost of goods sold Other expenses Income before income taxes Income taxes (35%) Net Income Statement of Retained Earnings Beginning balance Net Income Dividends Ending Balance Balance sheet Assets Cash Property, plant and equipment Other assets Total Assets Liabilities Current liabilities long-term debt Other liabilities Total liabilities Stockholders' Equity Common stock Retained earnings Other stockholders' equity Total stockholders' equity Total liabilities and stockholders' equity Cash Flow Statement Net cash provided by operating activities Net cash used for investing activities Net cash used for financing activities Increase (decrease) in cash Cash at beginning of year Cash at end of year $5.155 $4,300 $45 $9,500 $5.640 $3,320 $190 $9.150 $435 $435 $4.985 $4.028 $130 $160 $5,550 $4.623 $15,050 $13,773 $650 -$230 -$500 -S80 $1,145 $1.065 $800 -$475 $470 $145 $1,290 $1,145