Homework Answers
For 2018:
% = Respective Items on income statement/Net sales]
cost of goods sold (%)=204825/326675 = 62.70%
Income before taxes (%) =48022/326675 = 14.70%
Income tax expense (%) = 9844/326675 = 3.01%
net income (%) =38178 / 326675= 11.69%
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2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage...
Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies...
Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [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 2017 2018 Sales $241,600 154,624 86,976 31,891 20,053 51,944 $454,450 $348,146 220,725 127,421 48,044 30,637 78,681 273,579 180,871 64,532 40,901 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 105,433 75,438 14,031 48,740...
Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following...
Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [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 $ 494,327 $ 378,695 $ 262,800 Cost of goods sold 297,585 238, 199168,192 Gross profit 196, 742 140,496 94,608 Selling expenses 70,194 52,260 34,690 Administrative expenses 44,489 33, 325 21,812 Total...
Part 3 of 4 Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1,...
Part 3 of 4 Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. points eBook KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $414,761 $317,741 $220,500 Cost of goods sold 249,686 201,766 141, 120 Gross profit 165,075 115,975 79,380 Selling expenses 58,896 43.848 29.106 Administrative expenses 37,328 27,961...
Selected comparative financial statements of Korbin Company follow. 3. Complete the below table to calculate the...
Selected comparative financial statements of Korbin Company
follow.
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.)
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 $ 499,594 300,756 198,838 70,942 44,963 115,905 82,933 15,426 $382,730 242,651 140,079 52,817 33,680 86,497 53,582 10,984 $265,600 169,984 95,616 35,059 22,045 Sales Cost of goods sold Gross...
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 $434,323 $332,727 $230,900 Sales Cost of goods sold 261,462 Gross profit Selling expenses Administrative 209,951 122,776 147,776 83,124 172,861 61,674 45,916 30,479 39,089 29,280 19,165 expenses Total expenses Income before 100,763 75,196 49,644 72,098 47,580 33,480 taxes Income tax expense 13,410 9,754 6,796 $58,688 $ 37,826 26,684 Net income KORBIN COMPANY Comparative Balance Sheets December...
Part 2 of 4 Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1,...
Part 2 of 4 Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. points eBook KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $414,761 $317,741 $220,500 Cost of goods sold 249,686 201,766 141, 120 Gross profit 165,075 115,975 79,380 Selling expenses 58,896 43,848 29,106 Administrative expenses 37,328 27,961...
Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 The following information applies...
Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 The following information applies to the questions clsplayed 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 $432,442 $331,286 $229,900 Cost of goods sold 260,330 207,054 147, 136 Gross profit 172,112 124,232 82,764 Selling expenses 61, 407 45,717 30,347 Administrative expenses 38,920 29,153 19,082 Total expenses 100, 327 74,870 49,429...
Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following inf...
Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [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 441,847 338,491 234,900 150,336 84,564 31,007 19,497 50,504 34,060 6,914 $ 59,704 37,943 27,146...
CH17 HW171 i Saved Help Save & Exi Chec Requirea information Problem 17-2A Ratios, common-size statements,...
CH17 HW171 i Saved Help Save & Exi Chec Requirea information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 (The following information applies to the questions displayed below.) Part 3 of 4 Selected comparative financial statements of Korbin Company follow. 25 points Skipped KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 494,327 $ 378,695 $ 262,800 Cost of goods sold 297,585 238,199 168,192 Gross profit...
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 $ 427,928 $ 327,828 $ 227,500 Cost of goods sold 257,613 207,515 145,600 Gross profit 170,315 120,313 81,900 Selling expenses 60,766 45, 240 30,030 Administrative expenses 38,514 28,849 18,883 Total expenses 99, 280 74,089 48,913 Income before taxes 71,035 46,224 32,987 Income tax expense 13,213 9,476 6,696 Net income $ 57,822 $ 36,748 $...
Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [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 2017 2018 Sales $241,600 154,624 86,976 31,891 20,053 51,944 $454,450 $348,146 220,725 127,421 48,044 30,637 78,681 273,579 180,871 64,532 40,901 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 105,433 75,438 14,031 48,740...
Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [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 $ 494,327 $ 378,695 $ 262,800 Cost of goods sold 297,585 238, 199168,192 Gross profit 196, 742 140,496 94,608 Selling expenses 70,194 52,260 34,690 Administrative expenses 44,489 33, 325 21,812 Total...
Part 3 of 4 Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. points eBook KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $414,761 $317,741 $220,500 Cost of goods sold 249,686 201,766 141, 120 Gross profit 165,075 115,975 79,380 Selling expenses 58,896 43.848 29.106 Administrative expenses 37,328 27,961...
Selected comparative financial statements of Korbin Company
follow.
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.)
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 $ 499,594 300,756 198,838 70,942 44,963 115,905 82,933 15,426 $382,730 242,651 140,079 52,817 33,680 86,497 53,582 10,984 $265,600 169,984 95,616 35,059 22,045 Sales Cost of goods sold Gross...
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 $434,323 $332,727 $230,900 Sales Cost of goods sold 261,462 Gross profit Selling expenses Administrative 209,951 122,776 147,776 83,124 172,861 61,674 45,916 30,479 39,089 29,280 19,165 expenses Total expenses Income before 100,763 75,196 49,644 72,098 47,580 33,480 taxes Income tax expense 13,410 9,754 6,796 $58,688 $ 37,826 26,684 Net income KORBIN COMPANY Comparative Balance Sheets December...
Part 2 of 4 Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. points eBook KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $414,761 $317,741 $220,500 Cost of goods sold 249,686 201,766 141, 120 Gross profit 165,075 115,975 79,380 Selling expenses 58,896 43,848 29,106 Administrative expenses 37,328 27,961...
Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 The following information applies to the questions clsplayed 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 $432,442 $331,286 $229,900 Cost of goods sold 260,330 207,054 147, 136 Gross profit 172,112 124,232 82,764 Selling expenses 61, 407 45,717 30,347 Administrative expenses 38,920 29,153 19,082 Total expenses 100, 327 74,870 49,429...
Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [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 441,847 338,491 234,900 150,336 84,564 31,007 19,497 50,504 34,060 6,914 $ 59,704 37,943 27,146...
CH17 HW171 i Saved Help Save & Exi Chec Requirea information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 (The following information applies to the questions displayed below.) Part 3 of 4 Selected comparative financial statements of Korbin Company follow. 25 points Skipped KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 494,327 $ 378,695 $ 262,800 Cost of goods sold 297,585 238,199 168,192 Gross profit...
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 $ 427,928 $ 327,828 $ 227,500 Cost of goods sold 257,613 207,515 145,600 Gross profit 170,315 120,313 81,900 Selling expenses 60,766 45, 240 30,030 Administrative expenses 38,514 28,849 18,883 Total expenses 99, 280 74,089 48,913 Income before taxes 71,035 46,224 32,987 Income tax expense 13,213 9,476 6,696 Net income $ 57,822 $ 36,748 $...
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