Balance Sheet Data in Trend Percents
Selected comparative financial statements of Korbin Company follow.
| KORBIN COMPANY | |||
| Comparative Income Statements | |||
| For Years Ended December 31 | |||
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Sales | $ 523,482 | $ 401,030 | $ 278,300 |
| Cost of goods sold | 315,136 | 254,654 | 178,112 |
| Gross profit | 208,346 | 146,376 | 100,188 |
| Selling expenses | 74,334 | 55,342 | 36,736 |
| Administrative expenses | 47,113 | 35,291 | 23,099 |
| Total expenses | 121,447 | 90,633 | 59,835 |
| Income before taxes | 86,899 | 55,743 | 40,353 |
| Income tax expense | 16,163 | 11,427 | 8,192 |
| Net income | $ 70,736 | $ 44,316 | $ 32,161 |
| KORBIN COMPANY | |||
| Comparative Balance Sheets | |||
| December 31 | |||
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Assets | |||
| Current assets | $ 64,088 | $ 42,894 | $ 57,340 |
| Long-term investments | 0 | 1,200 | 4,440 |
| Plant assets, net | 117,209 | 106,508 | 62,994 |
| Total assets | $ 181,297 | $ 150,602 | $ 124,774 |
| Liabilities and Equity | |||
| Current liabilities | $ 26,469 | $ 22,440 | $ 21,835 |
| Common stock | 65,000 | 65,000 | 47,000 |
| Other paid-in capital | 8,125 | 8,125 | 5,222 |
| Retained earnings | 81,703 | 55,037 | 50,717 |
| Total liabilities and equity | $ 181,297 | $ 150,602 | $ 124,774 |
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.)
| KORBIN COMPANY | ||||||
| Balance Sheet Data in Trend Percents | ||||||
| December 31, 2021, 2020 and 2019 | ||||||
| 2021 | 2020 | 2019 | ||||
| Assets | ||||||
| Current assets | % | % | 100.00 | % | ||
| Long-term investments | 100.00 | |||||
| Plant assets, net | 100.00 | |||||
| Total assets | % | % | 100.00 | % | ||
| Liabilities and Equity | ||||||
| Current liabilities | % | % | 100.00 | % | ||
| Common stock | 100.00 | |||||
| Other paid-in capital | 100.00 | |||||
| Retained earnings | 100.00 | |||||
| Total liabilities and equity | ||||||
Homework Answers
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...
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, 2015, 2014, and 2013 2015 2014 Sales $ 554,143 $ 424,519 Cost of goods sold 333,594 266,173 2013 $ 294,600 188,544 Gross profit Selling expenses Administrative expenses 220,549 78,688 49,873 158,346 58,584 37,358 106,056 38,887 24,452 Total expenses 128,561 95,942 63,339...
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 $...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales $389,743 $298,575 $207,200 Cost of goods sold 234,625 188,401 132,608 Gross profit 155, 118 110,174 74,592 Selling expenses 55,344 41,203 27, 350 Administrative expenses 35,077 26,275 | 17,198 Total expenses 90,421 67,478 44,548 Income before taxes 64,697 42,696 30,044 Income tax expense 12,034 8,753 6,099 Net income $ 52,663 $ 33,943 $ 23,945 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017,...
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...
[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...
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...
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...
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 information applies...
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 Comparative Income Statements For Year Ended December 31, 2017 2016 $ $ 457,083 275,164 181,919 64,986 41 137 186,043 75,876 112 Cast of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net Income 350, 163 221 653 128.51e 48,322 30,814 79,136 49,374 10 122...
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...
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, 2015, 2014, and 2013 2015 2014 Sales $ 554,143 $ 424,519 Cost of goods sold 333,594 266,173 2013 $ 294,600 188,544 Gross profit Selling expenses Administrative expenses 220,549 78,688 49,873 158,346 58,584 37,358 106,056 38,887 24,452 Total expenses 128,561 95,942 63,339...
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 $...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales $389,743 $298,575 $207,200 Cost of goods sold 234,625 188,401 132,608 Gross profit 155, 118 110,174 74,592 Selling expenses 55,344 41,203 27, 350 Administrative expenses 35,077 26,275 | 17,198 Total expenses 90,421 67,478 44,548 Income before taxes 64,697 42,696 30,044 Income tax expense 12,034 8,753 6,099 Net income $ 52,663 $ 33,943 $ 23,945 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017,...
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...
[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...
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...
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...
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 Comparative Income Statements For Year Ended December 31, 2017 2016 $ $ 457,083 275,164 181,919 64,986 41 137 186,043 75,876 112 Cast of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net Income 350, 163 221 653 128.51e 48,322 30,814 79,136 49,374 10 122...
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