[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, 2019, 2018, and 2017 | |||||||||
| 2019 | 2018 | 2017 | |||||||
| Sales | $ | 555,000 | $ | 340,000 | $ | 278,000 | |||
| Cost of goods sold | 283,500 | 212,500 | 153,900 | ||||||
| Gross profit | 271,500 | 127,500 | 124,100 | ||||||
| Selling expenses | 102,900 | 46,920 | 50,800 | ||||||
| Administrative expenses | 50,668 | 29,920 | 22,800 | ||||||
| Total expenses | 153,568 | 76,840 | 73,600 | ||||||
| Income before taxes | 117,932 | 50,660 | 50,500 | ||||||
| Income tax expense | 40,800 | 10,370 | 15,670 | ||||||
| Net income | $ | 77,132 | $ | 40,290 | $ | 34,830 | |||
| KORBIN COMPANY | |||||||||
| Comparative Balance Sheets | |||||||||
| December 31, 2019, 2018, and 2017 | |||||||||
| 2019 | 2018 | 2017 | |||||||
| Assets | |||||||||
| Current assets | $ | 52,390 | $ | 37,924 | $ | 51,748 | |||
| Long-term investments | 0 | 500 | 3,950 | ||||||
| Plant assets, net | 100,000 | 96,000 | 60,000 | ||||||
| Total assets | $ | 152,390 | $ | 134,424 | $ | 115,698 | |||
| Liabilities and Equity | |||||||||
| Current liabilities | $ | 22,800 | $ | 19,960 | $ | 20,300 | |||
| Common stock | 72,000 | 72,000 | 60,000 | ||||||
| Other paid-in capital | 9,000 | 9,000 | 6,000 | ||||||
| Retained earnings | 48,590 | 33,464 | 29,398 | ||||||
| Total liabilities and equity | $ | 152,390 | $ | 134,424 | $ | 115,698 | |||
3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.)
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Selected comparative financial statements of 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, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 5 0.800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40,800 10,370 15,670...
[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 oI goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Incometaxes Net income $555,000 $340,000 $278,000 50,800 22,800 73,600 50,500 15,670 $ 77,132 $ 40,290 $ 34,830 283,500 212,500 153,900 271,500 127,500 124,100 46,920 29,920 76,840 50,660 10,370 102,900 50,668...
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, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124, 100 Selling expenses 102,900 46,920 50,000 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40, 800 10,370...
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, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124, 100 Selling expenses 102,900 46,920 50,000 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40, 800 10,370...
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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 555,000 $ 340,000 $ 278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 KORBIN...
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 $555,000 $340,000 $278,000 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 50,800 22,800 73,600 50,500 15,670 $ 77,132 40,290 34,830 283,500 212,500 153,900 271,500 127,500 124,100 46,920 29,920 76,840 50,660 10,370 102,900 50,668 153,568 117,932 40,800 KORBIN COMPANY Comparative Balance Sheets December 31,...
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 $555,000 $340,000 $278,000 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 50,800 22,800 73,600 50,500 15,670 $ 77,132 $ 40,290 $ 34,830 283,500 212,500 153,900 271,500 127,500 124,100 46,920 29,920 76,840 50,660 10,370 102,900 50,668 153,568 117,932 40,800 KORBIN COMPANY Comparative Balance Sheets...
ove & EX Check KORBIN COMPANY Comparative Income Statements For Year's Ended December 31, 2019, 2018,...
ove & EX Check KORBIN COMPANY Comparative Income Statements For Year's Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $ 340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 50,80 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 2018 2017 KORBIN COMPANY Comparative Balance Sheets...
[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 $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124, 100 Selling expenses 102,900 46, 920 50, 800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50, 660 50, 500 Income taxes 40, 800...
KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current...
KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 52,390 $ 37,924 $ 51,748 Long-term investments 0 500 3,950 Plant assets, net 100,000 96,000 60,000 Total assets $ 152,390 $ 134,424 $ 115,698 Liabilities and Equity Current liabilities $ 22,800 $ 19,960 $ 20,300 Common stock 72,000 72,000 60,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 48,590 33,464 29,398 Total liabilities and equity $ 152,390 $ 134,424 $ 115,698 3....
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, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 5 0.800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40,800 10,370 15,670...
[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 oI goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Incometaxes Net income $555,000 $340,000 $278,000 50,800 22,800 73,600 50,500 15,670 $ 77,132 $ 40,290 $ 34,830 283,500 212,500 153,900 271,500 127,500 124,100 46,920 29,920 76,840 50,660 10,370 102,900 50,668...
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, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124, 100 Selling expenses 102,900 46,920 50,000 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40, 800 10,370...
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, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124, 100 Selling expenses 102,900 46,920 50,000 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40, 800 10,370...
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 $555,000 $340,000 $278,000 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 50,800 22,800 73,600 50,500 15,670 $ 77,132 40,290 34,830 283,500 212,500 153,900 271,500 127,500 124,100 46,920 29,920 76,840 50,660 10,370 102,900 50,668 153,568 117,932 40,800 KORBIN COMPANY Comparative Balance Sheets December 31,...
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 $555,000 $340,000 $278,000 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 50,800 22,800 73,600 50,500 15,670 $ 77,132 $ 40,290 $ 34,830 283,500 212,500 153,900 271,500 127,500 124,100 46,920 29,920 76,840 50,660 10,370 102,900 50,668 153,568 117,932 40,800 KORBIN COMPANY Comparative Balance Sheets...
ove & EX Check KORBIN COMPANY Comparative Income Statements For Year's Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $555,000 $ 340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 50,80 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 2018 2017 KORBIN COMPANY Comparative Balance Sheets...
[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 $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124, 100 Selling expenses 102,900 46, 920 50, 800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50, 660 50, 500 Income taxes 40, 800...
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