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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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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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