Question

Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent): Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2017 2018 $ 19,573 $ 17,736 1,821 1,896 4,779 4,867 1,026 904 875 1,006 6,307 6,946 8,200 9,907 1,330 1,307 20,800 25,036 51,240 54,753 4,640 5,124 14,555 15,448 1,750 1,778 Prepare a balance sheet for this company for 2017 and 2018. (Do not round intermediate calculations.)

Answer 1

A B C D E F F H I TACO SWELL INC. Balance Sheet as of Dec.31 2017 2018 Assets Cash TACO SWELL INC. Income Statement 2017 Sales 19573.00 COGS 4779.00 Other expenses 1026.00 Depreciation 1821.00 EBIT 11947.00 Interest 875.00 EBT 11072.00 Taxes 2657.28 Net income 8414.72 Dividends 1750.00 Additions to RE 6664.72 2018 17736.00 4867.00 904.00 1896.00 10069.00 1006.00 9063.00 2175.12 6887.88 1778.00 5109.88 Accounts receivable Inventory Total current assets Net fixed assets Total assets 6307 8200 14555 29062 51240 80302 6946 9907 15448 32301 54753 87054 Liabilities and equity Accounts payable Short term notes payable Current liabilities Long term debt Shareholde's equity Total liabilities & owners' equity 46401 1330 5970 20800 53532 80302 5124 1307 6431 25036 55587 87054

EXCEL FORMULA:

в | F F H. 2018 6307 Sales COGS Other expenses Depreciation EBIT Interest ЕВТ Taxes Net income Dividends Additions to RE TACO SWELL INC. Income Statement 2017 2018 19573 17736 4779 4867 1026 904 1821 1896 =C5-C6-C7-C8 =D5-D6-D7-D8 875 1006 =C9-C10 =D9-D10 =C11*24% =D11* 24% =C11-C12 =D11-D12 1750 1778 =C13-C14 =D13-D14 TACO SWELL INC. Balance Sheet as of Dec.31 2017 Assets Cash Accounts receivable 8200 Inventory 14555 Total current assets =H6+H7+H8 Net fixed assets 51240 Total assets =H9+H10 6946 9907 15448 =16+17+18 54753 =19+110 Liabilities and equity Accounts payable Short term notes payable Current liabilities Long term debt Shareholde's equity Total liabilities & owners' equity 4640 1330 =H14+H15 20800 =H19-H17-H16 =H11 5124 1307 =114+115 25036 =119-117-116 =111