Question

Use the following information for Taco Swell, Inc., (assume the tax rate is 21 percent):

	2017	2018
sales	$20,073	$18,036
depreciation	1,831	1,906
Cost of Goods	4,829	4,877
Other Expenses	1,031	909
Interest	808	1011
Cash	6322	6976
Acc Receivable	8,210	9,937
Short Term Notes	1,340	1317
Long Term Debt	20,830	25,061
Net Fixed Assets	51,262	54783
Acc Payable	4,656	5154
Inventory	14572	15458
Dividends	1800	1788

Prepare a balance sheet for this company for 2017 and 2018.

Prepare an income statement for this company for 2017 and 2018. Round all answers to 2 decimal places

Answer 1

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X 2 E. Insert = Page Layout ACCOUNTS latest - Microsoft Excel (Product Activation Failed) View Add-Ins File Home Formulas Data Review - 2x % Cut A = = = V General Wrap Text Merge Merge & Center - Center Σ AutoSum : A Fill 2 Sort & SF $ m Find & % % , 4:0 .00 :.: B Conditional Format sett insert Delete Format Insert Delete Format Conditional Format Formatting as Table Styles Cell Styles 2 clear sort & Find & 2 Clear Filter Editing Select Alignment Number Cells BD BE BF BG BH BI BJ 2017 2017 2018 Calibri 11 A E Copy Paste Format Painter BI U D- DA Clipboard Font BD156 fax BB BC 156 BALANCESHEET 157 ASSETS 158 CURRENT ASSETS 159 CASH 160 ACCOUNTS RECEIVABLE 161 INVENTORY 162 TOTAL CURRENT ASSETS 163 164 FIXED ASSETS 165 166 167 NET FIXED ASSETS 6322.00 8210.00 14572.00 29104.00 2018 LIABILITIES CURRENT LIABILITIES 6976.00 ACCOUNTS PAYABLE 9937.00 SHORT TERM NOTES 15458.00 TOTAL CURRENT LIABILITIES 32371.00 LONG TERM DEBT TOTAL LIABILITIES 4656.00 1340.00 5996.00 20830.00 26826.00 5154.00 1317.00 6471.00 25061.00 31532.00 53540.00 55622.00 51262.00 TOTAL OWNERS' EQUITY 54783.00 TOTAL LIABILITIES 87154.00 AND OWNERS' EQUITY 168 80366.00 87154.00 169 TOTAL ASSETS 80366.00 170 171 NOTE TOTAL OWNERS' EQUITY = TOTAL ASSETS - TOTAL LIABILITIES 172 2017 = 80366 - 26826 = 53540.00 173 2018 = 87154 - 31532 = 55622.00 174 FIFO budget 45 days cycle ROE, BV MV ratio VARIANCE BEP, OL FL ratios DETROIT float B-S profit loss CASH BUDGET ferences: EV24 Rea SALES BUDGET dupont DIFF ANALYSIS ovel BOU 130% EJENDA -_ 0 ENG 31-10-2019

ACCOUNTS latest - Microsoft Excel (Product Activation Failed) View Add-Ins File Home Insert Page Layout Formulas Data Review - 2x % Cut Σ AutoSum : A ..00 Insert Delete Format Conditional Format Formatting as Table Styles Fill 2 Clear E Copy Paste Format Painter Clipboard BC136 Cell Styles Sort & Filter Editing Find & Select Cells Calibri - 11 - AA = = = DE Wrap Text General BIU- 3. A 3 Merge & Center $ , % , Font Alignment Number for TACO SWELL, INC. Income Statement BB BC BD BE TACO SWELL, INC. Income Statement 2017 20073 BA BE BG BH BI BJ 136 137 138 Sales 2018 18036 4877 909 139 LESS 140 LESS COGS Other expenses Depreciation 4829 1031 1831 141 LESS 1906 142 143 144 | EBIT Interest 12382 808 10344 1011 LESS 145 146 EBT Taxes (21%) 11574 2430.54 9333 1959.93 LESS | Net income 9143.46 7373.07 147 148 149 150 151 152 LESS Dividends Additions to RE 1800 7343.46 1788 5585.07 ► FIFO budget 45 days cycle ROE, BV MV ratio VARIANCE BEP, OL FL ratios DETROIT float B-S profit loss SALES BUDGET dupont CASH BUDGET ferences: CU58 DIFF ANALYSIS ovel BOI 130% Rea 0 + E * ENG 31-10-2019