Use the following information for Ingersoll, Inc., (assume the tax rate is 35 pe

Question

Use the following information for Ingersoll, Inc., (assume the tax rate is 35 percent): 2014 2015 Sales $ 8,535 $ 9,109 Depreciation 1,195 1,196 Cost of goods sold 2,766 3,130 Other expenses 709 604 Interest 595 673 Cash 4,179 5,273 Accounts receivable 5,509 6,197 Short-term notes payable 864 816 Long-term debt 14,230 16,750 Net fixed assets 35,155 36,117 Accounts payable 4,456 4,255 Inventory 9,740 10,008 Dividends 1,026 1,121 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 8535 9109 Less cost of goods sold 2766 3130 Gross profit 5769 5979 Less Other expenses 709 604 depriciation 1195 1196 Interest 595 673 Net Income 3270 3506 Balance Sheet Current Asset Cash 4179 5273 Accounts receivable 5509 6197 Inventory 9740 10008 Total current assets 19428 21478 Net fixed assers 35155 36117 Total Assets 54583 57595 Current liabilities Accounts payable 4456 4255 short term notes payable 864 816 Total current liabilities 5320 5071 Long term debt 14230 16750 Total liabilities 24870 26892 Stockholders equity 29713 30703 see woking below Total liabilities and stockholders equity 54583 57595 Stockholders equity = Total Assets - Total liabilities 2014 2015 Total Assets 54583 57595 Total liabilities 24870 26892 Stockholders equity 29713 30703

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