Problem $2-21$ Financial Statements

Use the following information for Ingersoll, Incorporated. Assume the tax rate is $23$ percent.

$20202021$

Sales $ $19,073$ $ $17,436$

Depreciation $1,8111,886$

Cost of goods sold $4,7294,857$

Other expenses $1,021899$

Interest $8701,001$

Cash $6,2926,916$

Accounts receivable $8,1909,877$

Short$-$term notes payable $1,3201,297$

Long$-$term debt $20,77025,011$

Net fixed assets $51,21854,723$

Accounts payable $4,6245,094$

Inventory $14,53815,438$

Dividends $1,7001,768$

Prepare a balance sheet for this company for $2020$ and $2021.($Do not round intermediate calculations.$)$

Prepare an income statement for this company for $2020$ and $2021.($Enter all answers as positive values. Do not round intermediate calculations and round your answers to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$