Prepare an income statement for this company for 2014 & 2015. (Round your answer
ID: 2729831 • Letter: P
Question
Prepare an income statement for this company for 2014 & 2015. (Round your answers to 2 decimal places)
Prepare the balance sheet for this company for 2014 & 2015. (Be sure to list the accounts in order of their liquidity)
Use the following information for Ingersoll, Inc., (Assume the tax rate is 40%):
Sales: (2014)--$8,935, (2015)--$9,509
Depreciation: (2014)--1,235, (2015)--1,236
Cost of gooods sold: (2014)--2,806, (2015)--3,170
Other expenses: (2014)-749, (2015)--644
Interest: (2014)--635, (2015)--713
Cash: (2014)--4,219, (2015)--5,313
Accounts receivable: (2014)--5,549, (2015)--6,237
Short-term notes payable: (2014)--904, (2015)--856
Long-term debt: (2014)--14,670, (2015)--17,150
Net fixed assets: (2014)--35,555, (2015)--36,597
Accounts payable: (2014)--4,536, (2015)--4,295
Inventory: (2014)--9,780, (2015)--10,048
Explanation / Answer
Answer:
Answer:
Income statement Particulars 2014 2015 Sales 8935 9509 Less: Cost of goods sold 2806 3170 Gross margin 6129 6339 Less: Depreciation 1235 1236 Less: other expenses 749 644 Interest 635 713 Earning before tax 3510 3746 Less: tax @40% 1404 1498.4 Net income 2106 2247.6