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Draw up an income statement and balance sheet for this company for 2016 and 2017. Use the

Question:

Draw up an income statement and balance sheet for this company for 2016 and 2017.


Use the following information for Ingersoll, Inc., (assume the tax rate is 35 percent):

2016 2017 $ 40,743 $ 43,277 Sales 5,853 Depreciation 5,858 Cost of goods sold 14,020 15,912 Other expenses 3,322 2,776 I

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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2016 2017 $ 40,743 $ 43,277 Sales 5,853 Depreciation 5,858 Cost of goods sold 14,020 15,912 Other expenses 3,322 2,776 Interest 2,098 3,142 Cash 21,364 21,856 Accounts receivable 28,283 31,864 Long-term debt 71,550 83,476 Net fixed assets 179,166 183,440 25,639 Accounts payable 27,349 Inventory 50,287 51,675 Dividends 4,966 5,468

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Balance sheet as of Dec 31 2016 Cash 21364 Accounts payable 27349 Accounts receivable 28283 I...View the full answer


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Corporate Finance Core Principles and Applications

Corporate Finance Core Principles and Applications

ISBN: 978-1259289903

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Related Video

Depreciation of non-current assets is the process of allocating the cost of the asset over its useful life. The cost of the asset includes the purchase price, any additional costs incurred to bring the asset to its current condition and location, and any other costs that are directly attributable to the asset. The useful life of the asset is the period over which the asset is expected to be used by the company. To calculate the depreciation, companies use different methods such as straight-line, declining-balance, sum-of-the-years\'-digits, units-of-production, and group depreciation. The chosen method will depend on the type of asset, the company\'s accounting policies, and the accounting standards that are applicable. The straight-line method allocates an equal amount of the asset\'s cost over its useful life, while the declining-balance method calculates depreciation at a fixed rate, typically double the straight-line rate, but the amount of depreciation decreases over time. The sum-of-the-years\'-digits method is similar to the declining-balance method, but the rate of depreciation is calculated using a fraction that is based on the useful life of the asset. It\'s important to note that the depreciation expense will be recorded on the company\'s income statement and the accumulated depreciation will be recorded on the company\'s balance sheet. This will decrease the value of the asset on the balance sheet over time.

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