![Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sola Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $ 410,810 247,308 163,502 58,335 36,973 95,308 68,194 12,684 $ 55,510 314,714 $ 218,400 139,776 78,624 28,829 18,127 46,956 31,668 6,429 34,777$ 25,239 199,84.3 114,871 43,431 27,695 71,126 43,745 8,968 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equitv Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 49,456 $ 38,693 $ 51,723 3,380 58,575 $ 141,302 137,209 113,678 500 98,016 91,846 $ 20,630 20,444 $19,894 50,000 5,556 38,228 $ 141,302 $137,209 ş 113,678 68,000 8,500 44,172 68,000 8,500 40,265](http://img.homeworklib.com/questions/8fcbf990-6f39-11ea-a237-dfb781bb0fc2.png?x-oss-process=image/resize,w_560)
Homework Answers
![2 Vertical Common size income statement ratio Income Statement Items/Total Sales Korbin Company Common size Comparative Income Statement For the r ended December 31, 2017, 2016 and 2015 Particulars tion mountComputa $410,810IS 410810/S 410810] 100.00% 60.20% 39.806 314,714 IS 314714/5 314714 100 00%| s218,400|[S218400/s 218400] 100.00% 64.00% 36.00% 13.20% 247,308S 247308/S 410810 139,776 S 139776/S 218400 $114,871 114871/5 3147141 36509$78,624 578624/5 218400] $28,829 I$28829/5 218400 199,843 S 199843/5 314714 Cost of Good Sold Gross Profit Selling Expense Administrative Expense Total Expense Income Before Tax $163,502S 163502/5 410810] S58,335 IS 58335/S 410810 S36973/S 410810 95308/5 410810 $68,194 IS 68194/5 410810] 12684/5 410810 55.510 S 55510/S 410810 $43,431 IS 43431/5 314714 13.809$ 36,973 27695/S 314714 71126/S 314714 27,695 18,127 18127/S 218 $43,745 IS 43745/S 314714113.9 31,668 5 31668/S 21840o] 16.606 968 IS 8968/5 314714 S6 $34.777 IS34777S314714 25239/S218400 3 Balance Sheet Data Trend with 2015 as base Year Korbin Company Comparative Balance Sheet December 31, 2017 2016and 2015 2017 2016 change(# ) 2015 Amount(Decrease) Computation Decrease 8 A)-D 96 с IA) IC S2,267IS-2267/S 51723] S-3380/5 3380] 33,271 S 33271/S 58575 527.624 ILS 27624/S 11367 Current Assets S49,456 538,693 S51,723(S13,030 IS-13030/s 51723] -25.19% 4521961 67.33%) 20.70%) 100.00% 100.00% 100.00% 100.00% So S3,380- S500S3,380(S2,880S-2880/s 3380] 39441/S 58575 56.80% 24.30% $98,016 $58,575 Plant Assets Net Total assets Liabilities and Equi Current Liabilities Common stock Other paid In capital Retained earnin Total liabilities and equity $39,441 137.209 S113,678$23,531 IS23531/S 113678 $20,444 $19,894 s550 I 550/s 19894] $68,000 S50,000 S18,000S18000/S 50000] $2,944 I5 2944/5 55561 2037/S 38228 $20,630 $736[S 736/s 19894] 518,000 IS 18000/5 50000) $2,944IS 2944/5 5556] 3.7 36 52 2.76% 100.00% 36.00% 100.00% 52.99% 100.006 5.33961 100.00% 5944/S 38228 38,228 $141.302 27.624 IS 27624/5 1136781 24.30% 137209 S113.678$23,531 IS 23531/S113678] 20.70%) 100.00%](http://img.homeworklib.com/questions/923199f0-6f39-11ea-a5bd-f13d87fe830f.png?x-oss-process=image/resize,w_560)
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Korbin Company
Required information [The following information applies to the questions displayed below.] Selected comparative financial...
[The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company...
[The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sold Gross profit Selling expensers Administrative expenses Total expenses Income before taxes Income taxes Net income $522,166 400,022 277,600 177,664 99,936 36,643 35,202 23,041 59,684 40,252 8,171 $ 70,557 44,204 32,081 314,344 207,822 74,148 46,995 121,143 86,679 16,122 254,014 146,008 55,203 90,405...
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of...
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2016 $553,39 $423,94 $ 294,20 2017 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 333,141 266,236 188,288 220,249 157,706 105,912 78,581 58,504 38,834 49,805 37,307 24,419 128,386 95,811 63,25.3 91,863 61,895 42,659 17,087 12,689...
The following information applies to the questions displayed below. Selected comparative financial statements of Korbin Company...
The following information applies to the questions displayed below. Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $475,141 $363,997$252,600 161,664 90,936 33,343 286,035 229,682 189,106 134,315 50,232 67,470 82,2643 110,233 78,873 14,670 $ 64,203 54,309 36,627 7,435 41,381 $ 29,192 52,051 10,670 KORBIN...
Required information [The following information applies to the questions displayed below.) Selected comparative financial statements of...
Required information [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 392,377 $ 300, 593 5 208,600 Cost of goods sold 236,211 189,975 133,584 Gross profit 156, 166 110,618 75,096 Selling expenses 55,718 41,482 27,535 Administrative expenses 35, 314 26,452 17,314 Total expenses 91.032 67,934 44,849 Income before taxes 65, 134 42,684 30,...
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of...
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31,, 2017, 2016, and 2015 2016 $326,098 205,442 120,656 2015 2017 $226,300 144,832 81,468 29,872 18,783 48,655 32,813 6,661 $ 425,670 256,253 169,417 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 60,445 38,310 98,755 70,662 13,143 45,002 28,697 73,699 46,957 9,626 Income before taxes Income taxes $...
[The following information applies to the questions displayed below. Selected comparative financial statements of Korbi...
[The following information applies to the questions displayed below. Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 548,876 $ 420,484 $ 291, 880 Cost of goods sold 338,423 266,587 186,752 Gross profit 218,453 153,897 105,848 Selling expenses 77,940 58,827 38,518 Administrative expenses 49,399 37, e83 24,219 Total expenses 127,339 95,30 62,737 Income before taxes 91.114 58,867 42,311 Income taxes 16,947 12.068...
[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company...
[The following information applies to the questions displayed
below.] Selected comparative financial statements of Korbin Company
follow KORBIN COMPANY Comparative Income Statements For Years Ended
December 31, 2015, 2014, and 2013 2015 2014 Sales $ 490,941 $
376,101 Cost of goods sold 295,546 236,944 2013 $ 261,000 167,040
Gross profit Selling expenses Administrative expenses 195,395
69,714 44,185 139,157 51,902 33,097 93,960 34,452 21,663 Total
expenses 113,899 84,999 56,115 Income before taxes Income taxes
81,496 15,158 54,158 11,102 37,845 7,683 Net...
Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Korbin Company
follow:
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017, 2016, and
2015
2017
2016
2015
Sales
$
554,143
$
424,519
$
294,600
Cost of goods sold
333,594
269,145
188,544
Gross profit
220,549
155,374
106,056
Selling expenses
78,688
58,584
38,887
Administrative expenses
49,873
37,358
24,452
Total expenses
128,561
95,942
63,339
Income before taxes
91,988
59,432
42,717
Income taxes
17,110
12,184
8,672
Net income
$
74,878
$
47,248
$
34,045
KORBIN COMPANY...
Required information The following information applies to the questions displayed below) Selected comparative financial statements of...
Required information The following information applies to the questions displayed below) Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $500,346 $383, 386 $266,000 Cost of goods sold 301,288 241,099 170, 240 Gross profit 199.38 142.207 95.760 Selling expenses 71,04952,896 35,112 Administrative 45, 031 33,731 22,078 expenses Total expenses 116,08886,627 57,198 Income before 83,058 55,580 38,570 taxes Income taxes 15,449 11,394 7,830 Net...
Required information The following information applies to the questions displayed below.) Selected comparative financial statements of...
Required information The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow Part 3 of 3 2016 2015 $ 254,600 162,944 91,656 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 Sales $ 478,903 366,879 Cost of goods sold 288, 300 232,601 Gross profit 190,603 134,278 Selling expenses 68,004 58,629 Administrative expenses 43,101 32,285 Total expenses 111,105 82,914 Income before taxes 79,498 51,364 Income taxes 14,787 10.530...
[The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sold Gross profit Selling expensers Administrative expenses Total expenses Income before taxes Income taxes Net income $522,166 400,022 277,600 177,664 99,936 36,643 35,202 23,041 59,684 40,252 8,171 $ 70,557 44,204 32,081 314,344 207,822 74,148 46,995 121,143 86,679 16,122 254,014 146,008 55,203 90,405...
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2016 $553,39 $423,94 $ 294,20 2017 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 333,141 266,236 188,288 220,249 157,706 105,912 78,581 58,504 38,834 49,805 37,307 24,419 128,386 95,811 63,25.3 91,863 61,895 42,659 17,087 12,689...
The following information applies to the questions displayed below. Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $475,141 $363,997$252,600 161,664 90,936 33,343 286,035 229,682 189,106 134,315 50,232 67,470 82,2643 110,233 78,873 14,670 $ 64,203 54,309 36,627 7,435 41,381 $ 29,192 52,051 10,670 KORBIN...
Required information [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 392,377 $ 300, 593 5 208,600 Cost of goods sold 236,211 189,975 133,584 Gross profit 156, 166 110,618 75,096 Selling expenses 55,718 41,482 27,535 Administrative expenses 35, 314 26,452 17,314 Total expenses 91.032 67,934 44,849 Income before taxes 65, 134 42,684 30,...
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31,, 2017, 2016, and 2015 2016 $326,098 205,442 120,656 2015 2017 $226,300 144,832 81,468 29,872 18,783 48,655 32,813 6,661 $ 425,670 256,253 169,417 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 60,445 38,310 98,755 70,662 13,143 45,002 28,697 73,699 46,957 9,626 Income before taxes Income taxes $...
[The following information applies to the questions displayed below. Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 548,876 $ 420,484 $ 291, 880 Cost of goods sold 338,423 266,587 186,752 Gross profit 218,453 153,897 105,848 Selling expenses 77,940 58,827 38,518 Administrative expenses 49,399 37, e83 24,219 Total expenses 127,339 95,30 62,737 Income before taxes 91.114 58,867 42,311 Income taxes 16,947 12.068...
[The following information applies to the questions displayed
below.] Selected comparative financial statements of Korbin Company
follow KORBIN COMPANY Comparative Income Statements For Years Ended
December 31, 2015, 2014, and 2013 2015 2014 Sales $ 490,941 $
376,101 Cost of goods sold 295,546 236,944 2013 $ 261,000 167,040
Gross profit Selling expenses Administrative expenses 195,395
69,714 44,185 139,157 51,902 33,097 93,960 34,452 21,663 Total
expenses 113,899 84,999 56,115 Income before taxes Income taxes
81,496 15,158 54,158 11,102 37,845 7,683 Net...
Selected comparative financial statements of Korbin Company
follow:
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017, 2016, and
2015
2017
2016
2015
Sales
$
554,143
$
424,519
$
294,600
Cost of goods sold
333,594
269,145
188,544
Gross profit
220,549
155,374
106,056
Selling expenses
78,688
58,584
38,887
Administrative expenses
49,873
37,358
24,452
Total expenses
128,561
95,942
63,339
Income before taxes
91,988
59,432
42,717
Income taxes
17,110
12,184
8,672
Net income
$
74,878
$
47,248
$
34,045
KORBIN COMPANY...
Required information The following information applies to the questions displayed below) Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $500,346 $383, 386 $266,000 Cost of goods sold 301,288 241,099 170, 240 Gross profit 199.38 142.207 95.760 Selling expenses 71,04952,896 35,112 Administrative 45, 031 33,731 22,078 expenses Total expenses 116,08886,627 57,198 Income before 83,058 55,580 38,570 taxes Income taxes 15,449 11,394 7,830 Net...
Required information The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow Part 3 of 3 2016 2015 $ 254,600 162,944 91,656 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 Sales $ 478,903 366,879 Cost of goods sold 288, 300 232,601 Gross profit 190,603 134,278 Selling expenses 68,004 58,629 Administrative expenses 43,101 32,285 Total expenses 111,105 82,914 Income before taxes 79,498 51,364 Income taxes 14,787 10.530...
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