Use the following information for Ingersoll, Inc., (assume the tax rate is 40 pe
ID: 2738651 • Letter: U
Question
Use the following information for Ingersoll, Inc., (assume the tax rate is 40 percent):
2014 2015
Sales $9,735 $10,309
Depreciation 1,315 1,316
Cost of goods sold 2,886 3,250
Other expenses 829 724
Interest 715 793
Cash 4,299 5,393
Accounts receivable 5,629 6,317
Short-term notes payable 984 936
Long-term debt 15,450 17,950
Net fixed assets 36,355 37,557
Accounts payable 4,696 4,375
Inventory 9,860 10,128
Dividends 1,146 1,241
________________________________________
Prepare an income statement for this company for 2014 and 2015. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16.)
Ingersoll, Inc.,
Income Statement
2014 2015
___________________ $____ $____
___________________ $____ $____
___________________ $____ $____
___________________ $____ $____
___________________ $____ $____
___________________ ____ ____
Prepare the balance sheet for this company for 2014 and 2015. (Do not round intermediate calculations. Be sure to list the accounts in order of their liquidity.)
Ingersoll, Inc.
Balance Sheet as of Dec. 31
2014 2015
Assets
__________ $_____ $_____
__________ _____ _____
__________ _____ _____
Current Assets $____ $____
____ ____
Total assets $____ $____
Liabilities $____ $____
____ ____
Current liabilities $____ $____
____ ____
____ ____
Total liabilities & owners' equity $____ $____
Explanation / Answer
Income Statement 2014 2015 Sales 9735 10309 Cost of goods sold 2886 3250 Gross Profit 6849 7059 Depriciation 1315 1316 Other expenses 829 724 Interest 715 793 Net Profit 3990 4226 Balance sheet as of Dec 31 2014 2015 Assets Cash 4299 5393 Accounts receivable 5629 6317 Inventory 9860 10128 Current assets 19788 21838 Net Fixed assets 36355 37557 Total Assets 56143 59395 Liabilities Short term note payable 984 936 Accounts payable 4696 4375 Current liabilities 5680 5311 Long term debt 15450 17950 Common stock ( balancing figure 32169 33149 Retained Earnings - dividends 2844 2985 Total liabilities and owners capital 56143 59395
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