Question

Use the following information for Taco Swell, Inc., (assume the tax rate is 30 percent):

	2010			2011
Sales	$	20,573		$	18,336
Depreciation		1,841			1,916
Cost of goods sold		4,879			4,887
Other expenses		1,036			914
Interest		885			1,016
Cash		6,337			7,006
Accounts receivable		8,220			9,967
Short-term notes payable		1,350			1,327
Long-term debt		20,860			25,086
Net fixed assets		51,284			54,813
Accounts payable		4,672			5,184
Inventory		14,589			15,468
Dividends		1,850			1,798

Prepare a balance sheet of this company for 2010 and 2011. (Be sure to list the accounts in order of their liquidity.)

TACO SWELL, INC., Balance Sheet as of Dec. 31
	2010		2011
Assets
(Click to select)Accounts payableInventoryCashAccounts receivableNotes payable	$		$
(Click to select)Accounts payableLong-term debtAccounts receivableOwners' equityNotes payable
(Click to select)InventoryNotes receivableAccounts receivableNet fixed assetsAccounts payable
Current assets
(Click to select)Accounts payableNet fixed assetsAccounts receivableNotes receivableLong-term debt
Total assets	$		$
Liabilities
(Click to select)Cost of goods soldNet fixed aseetsAccounts receivableAccounts payableLong-term debt	$		$
(Click to select)Accounts receivableNotes receivableAccounts payableCashNotes payable
Current liabilities
(Click to select)Owners' equityCashLong-term debtCost of goods soldAccounts receivable
(Click to select)Accounts receivableCashOwners' equityCost of goods soldNotes receivable
Total liabilities & owners' equity	$		$

Prepare an income statement for this company for 2010 and 2011. (Round your answers to 2 decimal places. (e.g., 32.16))

TACO SWELL, INC., Income Statement
	2010		2011
Sales	$		$
COGS
Other expenses
Depreciation
EBIT	$		$
Interest
EBT
Taxes (30%)
Net income
Dividends	$		$
Additions to RE