Use the following information for Ingersoll, Inc., (assume the tax rate is 40 pe
ID: 2739103 • Letter: U
Question
Use the following information for Ingersoll, Inc., (assume the tax rate is 40 percent): 2014 2015 Sales $ 8,435 $ 9,009 Depreciation 1,185 1,186 Cost of goods sold 2,756 3,120 Other expenses 699 594 Interest 585 663 Cash 4,169 5,263 Accounts receivable 5,499 6,187 Short-term notes payable 854 806 Long-term debt 14,120 16,650 Net fixed assets 35,055 35,997 Accounts payable 4,436 4,245 Inventory 9,730 9,998 Dividends 1,016 1,111 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
Answer
Ingersoll, Inc
Income statement
2014
2015
Sales
8435
9009
Less:
Depriciation
1185
1186
Cost of goods sold
2756
3120
Profit Before other Expenses
4494
4703
Less:
Other Expenses
699
594
Interest
585
663
Net Income
3210
3446
Income before Tax
Less: TAX @ 40%
1284
1378.4
Income after Tax
1926
2067.6
Less:
Dividend
1016
1111
Net Income after Devidend
910
956.6
Ingersoll, Inc
Balancesheet
Assets
2014
2015
Current Assets
Cash
4169
5263
Accounts receivable
5499
6187
Inventory
9730
9998
Total Current Assets
19398
21448
Lon Term Assets
Net fixed assets
35055
35997
Total Assets
54453
57445
Liabelity
2014
2015
Current Liabelity
Accounts payable
4436
4245
Short-term notes payable
854
806
Total Current Liabelity
5290
5051
Long-term debt
14120
16650
Retained Earning
910
1866.6
Equity
34133
33877.4
Total Liabelity
54453
57445
Ingersoll, Inc
Income statement
2014
2015
Sales
8435
9009
Less:
Depriciation
1185
1186
Cost of goods sold
2756
3120
Profit Before other Expenses
4494
4703
Less:
Other Expenses
699
594
Interest
585
663
Net Income
3210
3446
Income before Tax
Less: TAX @ 40%
1284
1378.4
Income after Tax
1926
2067.6
Less:
Dividend
1016
1111
Net Income after Devidend
910
956.6