Question
Use the following information for Ingersoll, Inc. Assume the tax rate is 22 percent. 2018 2019 Sales $ 20,573 $ 18,336 Depreciation 1,841 1,916 Cost
Use the following information for Ingersoll, Inc. Assume the tax rate is 22 percent. |
2018 | 2019 | |||||
Sales | $ | 20,573 | $ | 18,336 | ||
Depreciation | 1,841 | 1,916 | ||||
Cost of goods sold | 4,879 | 4,887 | ||||
Other expenses | 1,036 | 914 | ||||
Interest | 885 | 1,016 | ||||
Cash | 6,337 | 7,006 | ||||
Accounts receivable | 8,220 | 9,967 | ||||
Short-term notes payable | 1,350 | 1,327 | ||||
Long-term debt | 20,860 | 25,086 | ||||
Net fixed assets | 51,284 | 54,813 | ||||
Accounts payable | 4,672 | 5,184 | ||||
Inventory | 14,589 | 15,468 | ||||
Dividends | 1,850 | 1,798 | ||||
Prepare a balance sheet for this company for 2018 and 2019. (Do not round intermediate calculations.) |
Prepare an income statement for this company for 2018 and 2019. (Enter all answers as positive values. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16. ) |
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Item12
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Item 12
Item 12 2.12 points
Terri Simmons is single and had $174,500 in taxable income. Use the rates from Table 2.3. |
a. | Calculate her income taxes. (Do not round intermediate calculations and round your answer to the nearest whole dollar amount, e.g., 32.) |
b. | What is the average tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) |
c. | What is the marginal tax rate? (Do not round intermediate calculations and enter your answer as a percent rounded to the nearest whole number, e.g., 32.) |
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