Use the following information for Ingersoll, Inc., (assume the tax rate is 40 pe

Question

Use the following information for Ingersoll, Inc., (assume the tax rate is 40 percent): 2014 2015 Sales $ 8,035 $ 8,609 Depreciation 1,145 1,146 Cost of goods sold 2,716 3,080 Other expenses 659 554 Interest 545 623 Cash 4,129 5,223 Accounts receivable 5,459 6,147 Short-term notes payable 814 766 Long-term debt 13,680 16,250 Net fixed assets 34,655 35,517 Accounts payable 4,356 4,205 Inventory 9,690 9,958 Dividends 976 1,071.

Prepare an income statement for this company for 2014 and 2015 and Prepare the balance sheet for this company for 2014 and 2015

Explanation / Answer

Income Statement 2014 2015 Sales 8035 8609 Less : Cost of goods sold 2716 3080 Gross Profit 5319 5529 Less : Other Expenses 659 554 Interest 545 623 Depriciation 1145 1146 Net operating Income 2970 3206 Tax @ 40% 1188 1282.4 Net Income 1782 1923.6 Balance Sheet 2014 2015 Assets Cash 4129 5223 Accounts receivable 5459 6147 Inventory 9690 9958 Total current assets 19278 21328 Net Fixed Assets 34655 35517 Total Assets 53933 56845 Short term notes payable 814 766 Accounts payable 4356 4205 Long term debt 13680 16250 Retained earnings 1782 2729.6 Less : Dividends 976 1071 Common stock (BF) 34277 33965.4 Stockholders equity 35083 35624 Liabilities and stockholders equity 53933 56845

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