Use the following information for Taco Swell, Inc., for Problems 23 and 24 (assume the tax rate is 21 percent):20202021Sales$21,514$24,047Depreciation3,0893,229Cost of goods sold7,3978,750Other expenses1,7591,531Interest1,4431,723Cash11,27912,021Accounts receivable14,93417,529Short-term notes payable2,1762,133Long-term debt37,77845,798Net fixed assets94,601100,893Accounts payable8,1508,632Inventory26,55128,421Dividends2,5733,008Financial Statements [O LO1] Draw up an income statement and balance sheet for this company for 2020 and 2021.

The income statement represents the net income or loss of the company. Whereas, the balance sheet…

Answered: 2020 2021 Sales $21,514 $24,047…

2020 2021 Sales $21,514 $24,047 Depreciation 3,089 3,229 Cost of goods sold 7,397 8,750 Other expenses 1,759 1,531 Interest 1,443 1,723 Cash 11,279 12,021

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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What is the Gross Profit Rate in 2020?
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