Problem 2-25 Financial Statements [LO1] Use the following information for Taco S

Question

Problem 2-25 Financial Statements [LO1] Use the following information for Taco Swell, Inc., (assume the tax rate is 30 percent): 2014 2015 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 $16,073 $15,636 1,751 1,826 4,797 869 971 6,202 6,736 9,697 1,260 1,237 20,59024,861 51,086 54,543 4,528 4,914 14,436 15,378 1,708 4,429 991 840 8,130 1,400 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.) TACO SWELL, INC Balance Sheet as of Dec. 31 2014 2015 Assets Click to select) Click to select) Click to select) Current assets Click to select) Total assets Liabilities Click to select) (Click to select)

Explanation / Answer

TACO SWELL, INC., Balance Sheet as of Dec. 31 2014 2015 Assets Cash $6,202 $6,736 Accounts receivable $8,130 $9,697 Inventory $14,436 $15,378 Current assets $28,768 $31,811 Net fixed assets $51,086 $54,543 Total assets $79,854 $86,354 Liabilities Accounts payable $4,528 $4,914 Notes payable $1,260 $1,237 Current liabilities $5,788 $6,151 Long-term debt $20,590 $24,861 Owners' equity $53,476 $55,342 Total liabilities & owners' equity $79,854 $86,354 Prepare an income statement for this company for 2014 and 2015. (Round your answers to 2 decimal places. (e.g., 32.16)) TACO SWELL, INC., Income Statement 2014 2015 Sales $16,073 $15,636 COGS $1,751 $1,826 Other expenses $4,429 $4,797 Depreciation $991 $869 EBIT $8,902 $8,144 Interest $840 $971 EBT $8,062 $7,173 Taxes (30%) $2,418.6 $2,151.9 Net income $5,643.4 $5,021.1 Dividends $1,400 $1,708 Additions to RE $4,243.4 $3,313.1

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