Question

Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 2019 $18,073 $ 16,836 1,791 1,866 4,629 4,837 1,011 889 860 991 6,262 6,856 8,170 9,817 1,300 1,277 20,710 24,961 51,174 54,663 4,592 5,034 14,504 15,418 1,600 1,748 Prepare a balance sheet for this company for 2018 and 2019. (Do not round intermediate calculations.)

Answer 1

Income Statement
Particulars	2018	2019
Sales	18073	16836
Less :
COGS	4629	4837
Other Expenses	1011	889
Depreciation Expense	1791	1866
EBIT	10642	9244
Less : Interest Expense	860	991
EBT	9782	8253
Less : Taxes @21%	2054	1733
Net Income	7728	6520
Less : Dividend	1600	1748
Addition to RE	6128	4772

Assets	2018	2019
Cash	6262	6856
Accounts receivable	8170	9817
Inventory	14504	15418
Fixed Assets	51174	54663
Total Assets	80110	86754
Accounts payable	4952	5034
Short term notes payable	1300	1277
Long term debt	20710	24961
Total Liabilities	26962	31272
Equity
Capital Stock
Retained Earnings	6128	10900
Total Stock Holder's Equity (balancing figure)	47020	44582
Total Liabilities & Stock Holder's Equity	80110	86754

Retained Earnings :

Year 1 - 6128

Year 2- 6128+4722 = 10900

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