Use the following information for Ingersoll, Incorporated. Assume the tax rate is 24 percent. 2020 2021 Sales Depreciation $ 17,573 $16,536 1,781 1,856 Cost of goods sold 4,579 4,827 Other expenses 1,006 884 Interest 855 986 Cash 6,247 6,826 Accounts receivable 8,160 9,787 Short-term notes payable 1,290 1,267 Long-term debt 20,680 24,936 Net fixed assets 51,152 54,633 Accounts payable 4,576 5,004 Inventory 14,487 15,408 1,550 1,738 Dividends Prepare a balance sheet for this company for 2020 and 2021 (Do not round intermediate calculations) Current assets Assets INGERSOLL, INCORPORATED Balance Sheet as of December 31 2020 2021 Total assets $ 86,654 Liabilities & Equity Current liabilities Total liabilities & owners' equity $ 6,271 Prepare an income statement for this company for 2020 and 2021. All answers entered as positive values and rounded to 2 decimal places INGERSOLL, INCORPORATED Income Statement Sales COGS Other expenses Depreciation EBIT Interest EBT Taxes Net income Dividends Additions to RE 2020 2021
Use the following information for Ingersoll, Incorporated. Assume the tax rate is 24 percent. 2020 2021 Sales Depreciation $ 17,573 $16,536 1,781 1,856 Cost of goods sold 4,579 4,827 Other expenses 1,006 884 Interest 855 986 Cash 6,247 6,826 Accounts receivable 8,160 9,787 Short-term notes payable 1,290 1,267 Long-term debt 20,680 24,936 Net fixed assets 51,152 54,633 Accounts payable 4,576 5,004 Inventory 14,487 15,408 1,550 1,738 Dividends Prepare a balance sheet for this company for 2020 and 2021 (Do not round intermediate calculations) Current assets Assets INGERSOLL, INCORPORATED Balance Sheet as of December 31 2020 2021 Total assets $ 86,654 Liabilities & Equity Current liabilities Total liabilities & owners' equity $ 6,271 Prepare an income statement for this company for 2020 and 2021. All answers entered as positive values and rounded to 2 decimal places INGERSOLL, INCORPORATED Income Statement Sales COGS Other expenses Depreciation EBIT Interest EBT Taxes Net income Dividends Additions to RE 2020 2021
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter7: Operating Assets
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense...
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