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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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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