Prepare an income statement for this company for 2014 and 2015. (Do not round intermediate calculations.

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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 $

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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

TotalĀ  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

TotalĀ  Liabelity
54453
57445

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