You are given the following information for Ingersoll, Inc., (assume the tax rat
ID: 2622943 • Letter: Y
Question
You are given the following information for Ingersoll, Inc., (assume the tax rate is 34 percent for both years): 2009 2010 Sales $4,581 $4,916 Depreciation 658 659 Costs of goods sold 1,575 1,789 Other expenses 374 312 Interest 307 352 Cash 2,402 2,457 Accounts receivable 3,179 3,582 Short-term notes payable 464 435 Long-term debt 8,044 9,384 Net fixed assets 20,143 20,624 Accounts payable 2,523 2,446 Inventory 5,653 5,809 Dividends 559 614 Prepare income statement and balance sheet for this company for 2009 and 2010. You are given the following information for Ingersoll, Inc., (assume the tax rate is 34 percent for both years): 2009 2010 Sales $4,581 $4,916 Depreciation 658 659 Costs of goods sold 1,575 1,789 Other expenses 374 312 Interest 307 352 Cash 2,402 2,457 Accounts receivable 3,179 3,582 Short-term notes payable 464 435 Long-term debt 8,044 9,384 Net fixed assets 20,143 20,624 Accounts payable 2,523 2,446 Inventory 5,653 5,809 Dividends 559 614 Prepare income statement and balance sheet for this company for 2009 and 2010.Explanation / Answer
Particulars
2009
2010
Sales
4581
4916
Less:- Cost of goods sold
(1575)
(1789)
Gross profit
3006
3127
Less:- Other operating expenses
a)Depreciation
(658)
(659)
b)Other expenses
(374)
(312)
c)Interest
(307)
(352)
Income before tax
1667
1804
Less:-Tax @ 34%
(567)
(613)
Profit after tax
1100
1191
Less:- Dividends
(559)
(614)
Profit transferred to balance sheet
541
577
Liabilities
Amount($)
2009
Amount($)
2010
Assets
Amount($)
2009
Amount($)
2010
Equity capital [balancing figure]
19805
19630
Net fixed assets
20143
20624
Profit transferred to balance sheet
541
577
Long-term debt
8044
9384
Inventory
5653
5809
Short-term notes payable
464
435
Accounts receivable
3179
3582
Accounts payable
2523
2446
Cash
2402
2457
Total
31377
32472
Total
31377
32472
Particulars
2009
2010
Sales
4581
4916
Less:- Cost of goods sold
(1575)
(1789)
Gross profit
3006
3127
Less:- Other operating expenses
a)Depreciation
(658)
(659)
b)Other expenses
(374)
(312)
c)Interest
(307)
(352)
Income before tax
1667
1804
Less:-Tax @ 34%
(567)
(613)
Profit after tax
1100
1191
Less:- Dividends
(559)
(614)
Profit transferred to balance sheet
541
577
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