Question

Use the following information for Taco Swell, Inc., (assume the tax rate is 22 percent):

  

	2017			2018
Sales	$	12,573		$	13,536
Depreciation		1,681			1,756
Cost of goods sold		4,079			4,727
Other expenses		956			834
Interest		805			936
Cash		6,097			6,526
Accounts receivable		8,060			9,487
Short-term notes payable		1,190			1,167
Long-term debt		20,380			24,686
Net fixed assets		50,932			54,333
Accounts payable		4,416			4,704
Inventory		14,317			15,308
Dividends		1,050			1,638

  

Prepare a balance sheet for this company for 2017 and 2018. (Do not round intermediate calculations.)

Answer is not complete.

TACO SWELL, INC.
Balance Sheet as of Dec. 31
	2017	2018
Assets
Cashselected answer correct	$6,097selected answer correct	$6,526selected answer correct
Accounts receivableselected answer correct	8,060selected answer correct	9,487selected answer correct
Inventoryselected answer correct	14,317selected answer correct	15,308selected answer correct
Current assets
Net fixed assetsselected answer correct	50,932selected answer correct	54,333selected answer correct
Total assets	$79,406selected answer correct	$85,654
Liabilities & Equity
Accounts payableselected answer correct	$4,416selected answer correct	$4,704selected answer correct
Notes payableselected answer correct	1,190selected answer correct	1,167selected answer correct
Current liabilities	$5,606selected answer correct	$5,871
Owners' equityselected answer correct	?????	?????
Total liabilities & owners' equity	$79,406 selected answer correct	85,654 correct

Answer 1