Use the following information for Ingersoll, Inc. Assume the tax rate is 22 percent. 2018...
| 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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Use the following information for Ingersoll, Inc. Assume the
tax rate is 22 percent.
2018...
Use the following information for Ingersoll, Inc. Assume the tax rate is 24 percent. 2018 Sales...
Use the following information for Ingersoll, Inc. Assume the tax rate is 24 percent. 2018 Sales $ 15,573 Depreciation 1,741 Cost of goods sold 4,379 Other expenses 986 Interest 835 Cash 6,187 Accounts receivable 8,120 Short-term notes 1,250 payable Long-term debt 20,560 Net fixed assets 51,064 Accounts payable 4,512 Inventory 14,419 Dividends 1,350 2019 $ 15,336 1,816 4,787 864 966 6,706 9,667 1,227 24,836 54,513 4,884 15,368 1,698 Prepare a balance sheet for this company for 2018 and 2019. (Do...
Use the following information for Ingersoll, Inc. Assume the tax rate is 24 percent. Sales Depreciation...
Use the following information for Ingersoll, Inc. Assume the tax rate is 24 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 $ 18,549 $ 18,888 2,416 2,524 5,890 6,771 1,371 1,198 1.130 1.345 8,696 9,367 11,528 13,602 1,714 1,681 29,180 35,329 72.861 77.730 6,293 6,760 20,492 21,902 2,1792,354 For 2019, calculate the cash flow from assets, cash flow to creditors, and...
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation...
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...
Problem 2-22 Financial Statements Use the following information for Ingersoll, Inc., (assume the tax rate is...
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Use the following information for Ingersoll, Inc., (assume the tax rate is 35 percent) 2014 2015...
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Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. Sales Depreciation...
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...
Problem 2-25 Calculating Cash Flow Use the following information for Ingersoll, Inc., (assume the tax rate...
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Use the following information for Taco Swel, Inc., (assume the tax rate is 22 percent): 2017...
Use the following information for Taco Swel, Inc., (assume the tax rate is 22 percent): 2017 2018 $ 14,573 $ 14,736 1,721 ,796 Sales Depreciation Cost of goods sold 4,279 4,767 Other expenses Interest Cash Accounts receivable 8,100 9,607 Short-term notes 854 956 6,157 6,646 976 825 1,230 1,207 payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 20,500 24,786 51,020 54,453 4,480 4,824 14,385 15,348 ,250 1,678 Prepare a balance sheet for this company for 2017 and 2018....
Use the following information for Taco Swe Inc., (assume the tax rate is 21 percent) 2017...
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Use the following information for Ingersoll, Inc. Assume the tax rate is 24 percent. 2018 Sales $ 15,573 Depreciation 1,741 Cost of goods sold 4,379 Other expenses 986 Interest 835 Cash 6,187 Accounts receivable 8,120 Short-term notes 1,250 payable Long-term debt 20,560 Net fixed assets 51,064 Accounts payable 4,512 Inventory 14,419 Dividends 1,350 2019 $ 15,336 1,816 4,787 864 966 6,706 9,667 1,227 24,836 54,513 4,884 15,368 1,698 Prepare a balance sheet for this company for 2018 and 2019. (Do...
Use the following information for Ingersoll, Inc. Assume the tax rate is 24 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 $ 18,549 $ 18,888 2,416 2,524 5,890 6,771 1,371 1,198 1.130 1.345 8,696 9,367 11,528 13,602 1,714 1,681 29,180 35,329 72.861 77.730 6,293 6,760 20,492 21,902 2,1792,354 For 2019, calculate the cash flow from assets, cash flow to creditors, and...
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...
Problem 2-22 Financial Statements Use the following information for Ingersoll, Inc., (assume the tax rate is 35 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 2014 8,235 $ 1,165 2,736 679 565 4,149 5,479 834 13,900 34,855 4,396 9,710 996 2015 8,809 1,166 3,100 574 643 5,243 6,167 786 16,450 35,757 4,225 9,978 1,091 Prepare an income statement for this company for...
Use the following information for Ingersoll, Inc., (assume the tax rate is 35 percent) 2014 2015 Sales Depreciation Cost of goods sold Other expenses Interest Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends $ 8,235 $ 8,809 1,166 3,100 574 643 5,243 6,167 786 13,90016,450 34,855 35,757 4,225 9,978 1,091 1,165 2,736 679 565 4,149 5,479 834 4,396 9,710 996 For 2015, calculate the cash flow from assets, cash flow to creditors, and cash...
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...
Problem 2-25 Calculating Cash Flow Use the following information for Ingersoll, Inc., (assume the tax rate is 30 percent) 2016 2017 $20,073 $18,036 1,8311,906 4,8294,877 Sales Depreciation Cost of goods sold other expenses Interest Cash Accounts receivable Long-term debt Net fixed assets Accounts payable Inventory Dividends 1,031 8801,011 6,3226,976 8,210 9,937 20,830 25,061 51,262 58,060 5,9966, 471 14, 57215,458 For 2017, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders (Do not round intermediate...
Use the following information for Taco Swel, Inc., (assume the tax rate is 22 percent): 2017 2018 $ 14,573 $ 14,736 1,721 ,796 Sales Depreciation Cost of goods sold 4,279 4,767 Other expenses Interest Cash Accounts receivable 8,100 9,607 Short-term notes 854 956 6,157 6,646 976 825 1,230 1,207 payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 20,500 24,786 51,020 54,453 4,480 4,824 14,385 15,348 ,250 1,678 Prepare a balance sheet for this company for 2017 and 2018....
Use the following information for Taco Swe Inc., (assume the tax rate is 21 percent) 2017 2018 16,073 $15,636 1,826 Sales Depreciation Cost of goods sold 4,429 4,797 Other expenses Interest Cash Accounts receivable 8,1309,697 Short-term notes 1,751 991 840 6,202 869 971 6,736 1,260 1,237 payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 20,590 24,861 51,086 54,543 4,914 14,436 15,378 1,708 4,528 1,400 Prepare a balance sheet for this company for 2017 and 2018. (Do not round...
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