Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent): 20172018 Sales$15,573 $15,336 Depreciation 1,741 1,816 Cost of goods sold 4,379 4,787 Other expenses 986 864 Interest 835 966 Cash 6,187 6,706 Accounts receivable 8,120 9,667 Short-term notes payable 1,250 1,227 Long-term debt 20,560 24,836 Net fixed assets 51,064 54,513 Accounts payable 4,512 4,884 Inventory 14,419 15,368 Dividends 1,350 1,698 Prepare a balance sheet for this company for 2017 and 2018. (Do not round intermediate calculations.) Prepare 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.)

Balance Sheet Formula used in the above sheet

Answered: Use the following information for Taco…

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 3P

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Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent):

	2017	2018
Sales	$	15,573	$	15,336
Depreciation		1,741		1,816
Cost of goods sold		4,379		4,787
Other expenses		986		864
Interest		835		966
Cash		6,187		6,706
Accounts receivable		8,120		9,667
Short-term notes payable		1,250		1,227
Long-term debt		20,560		24,836
Net fixed assets		51,064		54,513
Accounts payable		4,512		4,884
Inventory		14,419		15,368
Dividends		1,350		1,698

Prepare a balance sheet for this company for 2017 and 2018. (Do not round intermediate calculations.)

Prepare 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.)

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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