Question

Use the following information for Taco Swell, Inc., (assume the tax rate is 30 percent):

  

	2014			2015
Sales	$	15,073		$	15,036
Depreciation		1,731			1,806
Cost of goods sold		4,329			4,777
Other expenses		981			859
Interest		830			961
Cash		6,172			6,676
Accounts receivable		8,110			9,637
Short-term notes payable		1,240			1,217
Long-term debt		20,530			24,811
Net fixed assets		51,042			54,483
Accounts payable		4,496			4,854
Inventory		14,402			15,358
Dividends		1,300			1,688

  

Prepare a balance sheet of this company for 2014 and 2015

(Do not round intermediate calculations. Be sure to list the accounts in order of their liquidity.)

Prepare an income statement for this company for 2014 and 2015. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16. Input all amounts as positive values.)

Answer 1

2014 Balance sheet Assets Liab& stockholder equity Debit Credit Debit Credit Cash Accounts receivable Inventory Total Current Assets Net fixed assets TotalAssets 6,172 8,110 14,402 28,684 51,042 79,726 Accounts payable Notes payable Total current liab Long term debt Owner equity Total liability & equity 4,854 1,240 6,094 20,530 59,196 85,820 2015 Balance sheet Assets Liab& stockholder equity Debit Credit Debit Credit Cash Accounts receivable Inventory Total Current Assets Net fixed assets TotalAssets 6,676 9,637 15,358 31,671 54,483 86,154 Accounts payable Notes payable Total current liab Long term debt Owner equity Total liability & equity 4,854 1,217 6,071 24,811 61,343 86,154 Income statement 2014 2015 Sales COGS Other expenses Depreciation EBIT Interest expesne EBT Taxes(30%) Net Income Dividends Addition to RE 15,073.0015,036.00 4,329.00 4,777.00 859.00 1,731.00 1,806.00 8,032.007,594.00 961.00 7,202.00 6,633.00 2,160.60 1,989.90 5,041.40 4,643.10 1,300.001,688.00 3,741.40 2,955.10 981.00 830.00

1 2014 Balance sheet 2 Assets Liab& stockholder equity Debit Credit Debit Credit 4 5 Cash 6 Accounts receivable 8110 7 Invento 8 Total Current Assets SUM(C3:C7)-SUM(D3:D7 9 Net fixed assets 10 TotalAssets Accounts payable Notes payable Total current liab Long term debt Owner equit Total liability & equit 6172 1240 H5+H6 20530 59196 14402 51042 C8+C9 H7+H8+H9 2015 Balance sheet 12 Assets Liab& stockholder equity Debit Credit Debit Credit 14 15 Cash 16 Accounts receivable 9637 17 Invento 18 Total Current Assets SUM(C13:C17)-SUM(D13:D17 19 Net fixed assets 20 TotalAssets 21 Accounts payable Notes payable Total current liab Long term debt Owner equit Total liability & equit 6676 1217 15358 H15+H16 24811 61343 -C20 54483 -C18+C19 23 24 25 Sales 26 COGS 27 Other expenses 28 Depreciation 29 EBIT 30 Interest expesne 31 EBT 321 Taxes(30% 33 Net Income 34 Dividends 35 Addition to RE 36 Income statement 2014 15073 4329 981 1731 -C25-C26-C27-C28 830 -C29-C30 -C31*30% -C31-C32 1300 C33-C34 2015 15036 4777 859 1806 #REF !/D24 D25-D26-D27-D28 961 D29-D30 D31*30% D31-D32 1688 D33-D34