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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Masukh
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A companies financial statement show the following. Balance Sheet Information December 31, 2020 2020 $236,600 33,000 61,500 2019 $146,500 47,000 49,000 26,000 365,000 (200,000) Difference $90,100 (14,000) 12,500 (26,000) 90,000 (90,000) Cash Accounts receivable Merchandise inventory Long-term investment Machinery Accumulated depreciation, machinery 455,000 (290,000) Total assets $496,100 $433,500 $62,600 $65,600 66,000 200,000 164,500 Accounts payable Bonds payable $51,200 $14,400 66,000 200,000 182,300 Common shares Retained earnings (17,800) Total liabilities and shareholders' equity $496,100 $415,700 $62,600 Income Statement For the Year Ended December 31, 2020 Sales $982,000 Cost of goods sold Other expenses Depreciation expenses Profit from operations Loss on sale of long-term investment $703,000 135,000 90,000 928,000 $54,000 10,000 Profit $44,000 The following occurred during 2020: a. Purchased machinery for $90,000 cash. b. Sold the long-term investment for $16,000. c. Issued…