ACCT-UB 4 Lecture 3: Inventory
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13 Feb 2019
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Use the following information for Ingersoll, Inc., (assume the tax rate is 30 percent):
2016 | 2017 | |||||
Sales | $ | 15,073 | $ | 15,036 | ||
Depreciation | 1,731 | 1,806 | ||||
Cost of goods sold | 4,329 | 4,777 | ||||
Other expenses | 981 | 859 | ||||
Interest | 830 | 961 | ||||
Cash | 6,172 | 6,676 | ||||
Accounts receivable | 8,110 | 9,637 | ||||
Long-term debt | 20,530 | 24,811 | ||||
Net fixed assets | 51,042 | 54,483 | ||||
Accounts payable | 5,736 | 6,071 | ||||
Inventory | 14,402 | 15,358 | ||||
Dividends | 1,300 | 1,688 | ||||
Prepare a balance sheet for this company for 2016 and 2017. (Do not round intermediate calculations. Be sure to list the accounts in order of their liquidity.)
INGERSOLL, INC. Balance Sheet as of Dec. 31 | ||||||
2016 | 2017 | |||||
Assets | ||||||
(Click to select)InventoryNotes payableAccounts receivableCashAccounts payable | $ | $ | ||||
(Click to select)Accounts payableNotes payableAccounts receivableLong-term debtOwners' equity {C} | {C} {C}{C} | {C} {C}{C} | ||||
{C} (Click to select)Notes receivableAccounts receivableNet fixed assetsAccounts payableInventory {C} | {C} {C}{C} | {C} {C}{C} | ||||
Current assets | $ | {C} {C}{C} | $ | {C} {C}{C} | ||
{C} (Click to select)Accounts payableNotes receivableAccounts receivableLong-term debtNet fixed assets {C} | {C} {C}{C} | {C} {C}{C} | ||||
Total assets | $ | {C} {C}{C} | $ | {C} {C}{C} | ||
Liabilities | ||||||
{C} (Click to select)Accounts receivableLong-term debtNet fixed assetsAccounts payableCost of goods sold {C} | $ | {C} {C}{C} | $ | {C} {C}{C} | ||
Current liabilities | $ | {C} {C}{C} | $ | {C} {C}{C} | ||
{C} (Click to select)Long-term debtCost of goods soldAccounts receivableCashOwners' equity | ||||||
(Click to select)CashAccounts receivableCost of goods soldOwners' equityNotes receivable {C} | {C} {C}{C} | {C} {C}{C} | ||||
Total liabilities & owners' equity | $ | $ | ||||
Prepare an income statement for this company for 2016 and 2017. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16.)
INGERSOLL, INC. Income Statement | ||||||
2016 | 2017 | |||||
Sales | $ | $ | ||||
COGS | ||||||
Other expenses | ||||||
Depreciation | ||||||
EBIT | $ | $ | ||||
Interest | ||||||
EBT | $ | $ | ||||
Taxes (30%) | ||||||
Net income | $ | $ | ||||
Dividends | $ | $ | ||||
Additions to RE | ||||||