The firm also had notes payable of $ 960,000 . These notes carried an interest rate of 6 percent . Depreciation was $ 146,000 . The firm ’ s tax rate was 40 percent .
Use the following information for Ingersoll , Inc ., ( assume the tax rate is 35 percent ):
2014 2015
Sales $ 9,635 $ 10,209
Depreciation 1,305 1,306
Cost of goods sold 2,876 3,240
Other expenses 819 714
Interest 705 783
Cash 4,289 5,383
Accounts receivable 5,619 6,307
Shortterm
notes payable 974 926
Longterm
debt 15,440 17,850
Net fixed assets 36,255 37,437
Accounts payable 4,676 4,365
Inventory 9,850 10,118