Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Use the following information for Ingersoll, Inc., (assume the tax rate is 34 percent): 2014 2015 Sales $ 8,135 $ 8,709 Depreciation 1,155 1,156 Cost
Use the following information for Ingersoll, Inc., (assume the tax rate is 34 percent): |
2014 | 2015 | |||
Sales | $ | 8,135 | $ | 8,709 |
Depreciation | 1,155 | 1,156 | ||
Cost of goods sold | 2,726 | 3,090 | ||
Other expenses | 669 | 564 | ||
Interest | 555 | 633 | ||
Cash | 4,139 | 5,233 | ||
Accounts receivable | 5,469 | 6,157 | ||
Short-term notes payable | 824 | 776 | ||
Long-term debt | 13,790 | 16,350 | ||
Net fixed assets | 34,755 | 35,637 | ||
Accounts payable | 4,376 | 4,215 | ||
Inventory | 9,700 | 9,968 | ||
Dividends | 986 | 1,081 |
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 | ||||
(Click to select)InterestAdditions to RESalesEBITDividends | $ | $ | |||
(Click to select)Additions to REDividendsEBITCost of goods soldInterest | |||||
(Click to select)EBITAdditions to REDividendsInterestOther expenses | |||||
(Click to select)DepreciationDividendsInterestEBITAdditions to RE | |||||
(Click to select)EBITCost of goods soldOther expensesSalesAdditions to RE | $ | $ | |||
(Click to select)SalesInterestAdditions to REOther expensesCost of goods sold | |||||
(Click to select)Cost of goods soldOther expensesEBTInterestSales | $ | $ | |||
(Click to select)TaxesOther expensesAdditions to RESalesCost of goods sold | |||||
(Click to select)Net incomeNet loss | $ | $ | |||
(Click to select)DividendsInterestTaxesSalesDepreciation | $ | $ | |||
(Click to select)SalesTaxesInterestDepreciationAdditions to RE |
Prepare thebalance 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 | |||||
(Click to select)Owners' equityNet fixed assetsNotes payableLong-term debtAccounts payableNotes receivableCash | $ | $ | |||
(Click to select)Accounts receivableNet fixed assetsNotes receivableAccounts payableLong-term debtOwners' equityNotes payable | |||||
(Click to select)Long-term debtNotes receivableNet fixed assetsAccounts payableInventoryOwners' equityNotes payable | |||||
Current assets | $ | $ | |||
(Click to select)InventoryNet fixed assetsNotes payableAccounts receivableCashLong-term debtAccounts payable | |||||
Total assets | $ | $ | |||
Liabilities | |||||
(Click to select)Notes receivableAccounts receivableAccounts payableNet fixed assetsOwners' equityCashLong-term debt | $ | $ | |||
(Click to select)Accounts receivableNotes payableOwners' equityLong-term debtNet fixed assetsCashNotes receivable | |||||
Current liabilities | $ | $ | |||
(Click to select)Accounts payableCashNet fixed assetsNotes receivableNotes payableLong-term debtAccounts receivable | |||||
(Click to select)Accounts payableNotes receivableOwners' equityNotes payableNet fixed assetsCashAccounts receivable | |||||
Total liabilities & owners' equity | $ | $ | |||
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started