Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Use the following information for Ingersoll, Incorporated. Assume the tax rate is 22 percent. 2020 2021 Sales $ 12,573 $ 13,536 Depreciation 1,681 1,756 Cost

Use the following information for Ingersoll, Incorporated. Assume the tax rate is 22 percent.

2020 2021
Sales $ 12,573 $ 13,536
Depreciation 1,681 1,756
Cost of goods sold 4,079 4,727
Other expenses 956 834
Interest 805 936
Cash 6,097 6,526
Accounts receivable 8,060 9,487
Short-term notes payable 1,190 1,167
Long-term debt 20,380 24,686
Net fixed assets 50,932 54,333
Accounts payable 4,416 4,704
Inventory 14,317 15,308
Dividends 1,050 1,638

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., 32.16.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Agricultural Finance

Authors: Charles Moss

1st Edition

0415599075, 978-0415599078

More Books

Students also viewed these Finance questions

Question

a neglect of quality in relationship to international competitors;

Answered: 1 week ago