C1 Use the following information for Taco Swell, Incorporated, (assume the tax rate is 21percent):SalesDepreciationCost of goods soldOther expensesInterestCashAccounts receivableShort-term notes payableLong-term debtNet fixed assetsAccounts payableInventoryDividendsCurrent assets2020 2021$12,073 $13,2361,6714,029Assets9518006,0828,0501,1801,7464,7174,40014,3001,0008299316,4969,4571,15720,350 24,66150,910 54,3034,67415,2981,628Prepare a balance sheet for this company for 2020 and 2021. (Be sure to list theaccounts in order of their liquidity. Do not round intermediate calculations.)TACO SWELL, INCORPORATEDBalance Sheet as of December 312020S202185.554

Basic accounting equation-isTotal Assets = Total liabilities + Stockholders equityCurrent assets=…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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