Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Yea...
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 $ 409,118 $ 313,418 $ 217,500 Cost of goods sold 246,289 198,080 139,200 Gross profit 162,829 115,338 78,300 Selling expenses 58,095 43,252 28,710 Administrative expenses 36,821 27,581 18,053 Total expenses 94,916 70,833 46,763 Income before taxes 67,913 44,505 31,537 Income tax expense 12,632 9,123 6,402 Net income $ 55,281 $ 35,382 $ 25,135 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 56,479 $ 37,801 $ 50,532 Long-term investments 0 1,100 4,560 Plant assets, net 101,725 92,518 53,789 Total assets $ 158,204 $ 131,419 $ 108,881 Liabilities and Equity Current liabilities $ 23,098 $ 19,581 $ 19,054 Common stock 63,000 63,000 45,000 Other paid-in capital 7,875 7,875 5,000 Retained earnings 64,231 40,963 39,827 Total liabilities and equity $ 158,204 $ 131,419 $ 108,881 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.)
Homework Answers
| 3 | |||
| KORBIN COMPANY | |||
| Balance Sheet Data in Trend Percents | |||
| December 31, 2019, 2018, 2017 | |||
| 2019 | 2018 | 2017 | |
| Assets | |||
| Current assets | 111.77% | 74.81% | 100.00% |
| Long-term investments | 0.00% | 24.12% | 100.00% |
| Plant assets, net | 189.12% | 172.00% | 100.00% |
| Total assets | 145.30% | 120.70% | 100.00% |
| Liabilities and Equity | |||
| Current liabilities | 121.22% | 102.77% | 100.00% |
| Common stock | 140.00% | 140.00% | 100.00% |
| Other paid-in capital | 157.50% | 157.50% | 100.00% |
| Retained earnings | 161.28% | 102.85% | 100.00% |
| Total liabilities and equity | 145.30% | 120.70% | 100.00% |
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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Yea...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Yea...
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 $ 409,118 $ 313,418 $ 217,500 Cost of goods sold 246,289 198,080 139,200 Gross profit 162,829 115,338 78,300 Selling expenses 58,095 43,252 28,710 Administrative expenses 36,821 27,581 18,053 Total expenses 94,916 70,833 46,763 Income before taxes 67,913 44,505 31,537 Income tax expense 12,632 9,123 6,402 Net income $ 55,281 $ 35,382 $ 25,135 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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 524,799 $ 402,039 $ 279,000 Cost of goods sold 315,929 251,676 178,560 Gross profit 208,870 150,363 100, 440 Selling expenses 74,521 55,481 36,828 Administrative expenses 47,232 35, 379 23, 157 Total expenses 121,753 90,860 59,985 Income before taxes 87,117 59,583 40, 455 Income tax expense 16, 204 12,198 8,212 Net income $ 79,913...
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 $ 524,799 $ 402,039 $ 279,000 Cost of goods sold 315,929 251,676 178,560 Gross profit 208,870 150,363 100,440 Selling expenses 74,521 55,481 36,828 Administrative expenses 47,232 35, 379 23,157 Total expenses 121,753 90,860 59,985 Income before taxes 87,117 59,503 40, 455 Income tax expense 16, 204 12,198 8,212 Net income $ 70,913 $ 47,305...
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 2815 2016 Sales Cost of goods sold Gross profit selling expenses Administrative expenses Total expenses $ 430,561 259,198 171,363 61,140 38,750 99,896 71,473 13,294 $ 58,179 $ 329,845 208, 132 121,713 45,519 29,026 74,545 47,168 9,669 $ 228,900 146,496 82,404 зе, 215 18,999 49,214 33,190 6,738 Income before taxes Income taxes Net income $ $ 37,499 26,452...
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 $ 386,922 $296,414 $ 205,700 Cost of goods sold 232,927 185,259 131,648 Gross profit 153,995 111,155 74,052 Selling expenses 54,943 40,905 27,152 Administrative expenses 34,823 26,084 17,073 Total expenses 89,766 66,989 44, 225 Income before taxes 64,129 44,166 29,827 Income tax expense 11,947 9,054 6,055 Net income $ 52,282 $ 35,112 $ 23,772 2017...
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, 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...
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 $...
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 Sales $430,561 $ 329,845 Cost of goods sold 259, 198 208,132 Gross profit 171,363 121, 713 selling expenses 61,140 45,519 Administrative expenses 38,750 29,026 Total expenses 99,890 74,545 Income before taxes 71,473 47,168 Income taxes 13, 294 9,669 Net income 58,179 $ 37,499 2015 $ 228,900 146,496 82,404 30,215 18,999 49,214 33,190 6,738 $ 26,452 2016...
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 $ 471,191 $360, 971 $ 250, 500 Cost of goods sold 283, 657 226, 329 160, 320 Gross profit 187,534 134, 642 90, 180 Selling expenses 66,909 49,814 33,066 Administrative expenses 42, 407 31,765 20,792 Total expenses 109, 316 81,579 53, 858 Income before taxes 78, 218 53,063 36, 322 Income tax expense 14,549...
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 $ 524,799 $ 402,039 $ 279,000 Cost of goods sold 315,929 251,676 178,560 Gross profit 208,870 150,363 100, 440 Selling expenses 74,521 55,481 36,828 Administrative expenses 47,232 35, 379 23, 157 Total expenses 121,753 90,860 59,985 Income before taxes 87,117 59,583 40, 455 Income tax expense 16, 204 12,198 8,212 Net income $ 79,913...
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 $ 524,799 $ 402,039 $ 279,000 Cost of goods sold 315,929 251,676 178,560 Gross profit 208,870 150,363 100,440 Selling expenses 74,521 55,481 36,828 Administrative expenses 47,232 35, 379 23,157 Total expenses 121,753 90,860 59,985 Income before taxes 87,117 59,503 40, 455 Income tax expense 16, 204 12,198 8,212 Net income $ 70,913 $ 47,305...
Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2815 2016 Sales Cost of goods sold Gross profit selling expenses Administrative expenses Total expenses $ 430,561 259,198 171,363 61,140 38,750 99,896 71,473 13,294 $ 58,179 $ 329,845 208, 132 121,713 45,519 29,026 74,545 47,168 9,669 $ 228,900 146,496 82,404 зе, 215 18,999 49,214 33,190 6,738 Income before taxes Income taxes Net income $ $ 37,499 26,452...
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 $ 386,922 $296,414 $ 205,700 Cost of goods sold 232,927 185,259 131,648 Gross profit 153,995 111,155 74,052 Selling expenses 54,943 40,905 27,152 Administrative expenses 34,823 26,084 17,073 Total expenses 89,766 66,989 44, 225 Income before taxes 64,129 44,166 29,827 Income tax expense 11,947 9,054 6,055 Net income $ 52,282 $ 35,112 $ 23,772 2017...
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...
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 $...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales $430,561 $ 329,845 Cost of goods sold 259, 198 208,132 Gross profit 171,363 121, 713 selling expenses 61,140 45,519 Administrative expenses 38,750 29,026 Total expenses 99,890 74,545 Income before taxes 71,473 47,168 Income taxes 13, 294 9,669 Net income 58,179 $ 37,499 2015 $ 228,900 146,496 82,404 30,215 18,999 49,214 33,190 6,738 $ 26,452 2016...
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 $ 471,191 $360, 971 $ 250, 500 Cost of goods sold 283, 657 226, 329 160, 320 Gross profit 187,534 134, 642 90, 180 Selling expenses 66,909 49,814 33,066 Administrative expenses 42, 407 31,765 20,792 Total expenses 109, 316 81,579 53, 858 Income before taxes 78, 218 53,063 36, 322 Income tax expense 14,549...
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