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Draw up an income statement and balance sheet for this company for 2018 and 2019. Use the

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Draw up an income statement and balance sheet for this company for 2018 and 2019.

Use the following information for Ingersoll, Inc., for Problems 21 and 22. Assume the tax rate is 21 percent.

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Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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2019 2018 $8,462 $9,082 Sales Depreciation Cost of goods sold Other expenses 1,215 1,216 2,912 3,305 690 577 567 652 Interest Cash 4,438 5,620 Accounts receivable 4,874 6,617 Short-term notes payable 806 858 Long-term debt 14,537 17,334 Net fixed assets 37,211 39,049 Accounts payable 4,661 4,520 Inventory 10,444 10,733 Dividends 1,032 1,135

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Balance sheet as of Dec 31 2018 Cash 4438 Accounts payable 4661 Accounts receivable 4874 Notes ...View the full answer


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Corporate Finance

Corporate Finance

ISBN: 978-1259918940

12th edition

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe, Bradford Jordan

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Depreciation of non-current assets is the process of allocating the cost of the asset over its useful life. The cost of the asset includes the purchase price, any additional costs incurred to bring the asset to its current condition and location, and any other costs that are directly attributable to the asset. The useful life of the asset is the period over which the asset is expected to be used by the company. To calculate the depreciation, companies use different methods such as straight-line, declining-balance, sum-of-the-years\'-digits, units-of-production, and group depreciation. The chosen method will depend on the type of asset, the company\'s accounting policies, and the accounting standards that are applicable. The straight-line method allocates an equal amount of the asset\'s cost over its useful life, while the declining-balance method calculates depreciation at a fixed rate, typically double the straight-line rate, but the amount of depreciation decreases over time. The sum-of-the-years\'-digits method is similar to the declining-balance method, but the rate of depreciation is calculated using a fraction that is based on the useful life of the asset. It\'s important to note that the depreciation expense will be recorded on the company\'s income statement and the accumulated depreciation will be recorded on the company\'s balance sheet. This will decrease the value of the asset on the balance sheet over time.

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