Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 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 Current assets 2020 $ 12,073 1,671 4,029 951 800 Assets 6,082 8,050 1,180 2021 $13,236 4,400 14,300 1,000 1,746 4,717 829 931 6,496 9,457 1,157 20,350 24,661 50,910 54,303 4,674 15,298 1,628 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 S 2021 85.554
Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21 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 Current assets 2020 $ 12,073 1,671 4,029 951 800 Assets 6,082 8,050 1,180 2021 $13,236 4,400 14,300 1,000 1,746 4,717 829 931 6,496 9,457 1,157 20,350 24,661 50,910 54,303 4,674 15,298 1,628 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 S 2021 85.554
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
C1
Transcribed Image Text:Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21
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
Current assets
2020 2021
$12,073 $13,236
1,671
4,029
Assets
951
800
6,082
8,050
1,180
1,746
4,717
4,400
14,300
1,000
829
931
6,496
9,457
1,157
20,350 24,661
50,910 54,303
4,674
15,298
1,628
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
S
2021
85.554
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