Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 percent):
2020 2021
Sales $ 18,073 $ 16,836
Depreciation 1,791 1,866
Cost of goods sold 4,629 4,837
Other expenses 1,011 889
Interest 860 991
Cash 6,262 6,856
Accounts receivable 8,170 9,817
Short-term notes payable 1,300 1,277
Long-term debt 20,710 24,961
Net fixed assets 51,174 54,663
Accounts payable 4,592 5,034
Inventory 14,504 15,418
Dividends 1,600 1,748
Prepare a balance sheet for this company for 2020 and 2021. (Be sure to list the accounts in order of their liquidity. Do not round intermediate calculations.)
TACO SWELL, INCORPORATED
Balance Sheet as of December 31
2020 2021
AssetsCash$6,262 $6,856
Accounts receivable8,170 9,817
Inventory14,504 15,418
Current assets$28,936 $32,091
Net fixed assets51,174 54,663
Total assets$80,110 $86,754
Liabilities & Equity
Accounts payable$4,592 $5,034
Notes payable1,300 1,277
Current liabilities$5,892 $6,311
Long-term debt20,710 24,961
Owners' equity53,508 57,999
Total liabilities & owners' equity$80,110 $86,754
Prepare an income statement for this company for 2020 and 2021. (Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. Input all answers as positive values.)
TACO SWELL, INCORPORATED
Income Statement
2020 2021
Sales$18,073.00 $16,836.00
COGS 4,629.00 4,837.00
Other expenses 1,011.00 889.00
Depreciation 1,791.00 1,866.00
EBIT $10,642.00 $9,244.00
Interest 860.00 991.00
EBT$9,782.00 $8,253.00
Taxes 2,934.60 2,475.90
Net income$6,847.40 $5,777.10
Dividends$1,600.00 $1,748.00
Additions to RE 5,247.40 4,029.10