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. 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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Homework Answers
The balance sheet data in trend percents with base year 2017 is calculated as:
Working notes:
2017% Korbin Company Balance sheet Data in Trend Percents December 31,2019,2018,2017 2019 % 2018 % Assets Current assets 101.24 % 72.07% Long-term investments 0 % 12.6582278 % Plant assets, net 166.67% 160.00% Total assets 131.71 % 116.19 % Liabilities and Equity Current liabilities 112.32 % 98.33% Common stock 120.00% 120% Other paid in capital 150.00% 150.00% Retained earnings 165.28 % 113.83 % Total liabilities 131.71 % 116.19% 100% 100% 100% 100% 100% 100% 100% 100% 100%
J K 2017% F G H I Korbin Company Balance sheet Data in Trend Percents December 31,2019,2018,2017 2019% 2018 % 8 Assets 9 Current assets 52,390 37,294 10 Long-term investments 500 11 Plant assets, net 100,000 96,000 12 Total assets 152,390 134,424 13 Liabilities and Equity 14 Current liabilities 22,800 19,960 15 Common stock 72,000 72,000 16 Other paid in capital 9,000 17 Retained earnings 48,590 33,464 18 Total liabilities 152,390 134,424 51,748 3,950 60,000 115,698 9,000 20,300 60,000 6,000 29,398 115,698
2019 2017 % Korbin Company Balance sheet Data in Trend Percents December 31,2019,2018,2017 % 2018 Assets Current assets =F9/19*100 =H9/19*100 Long-term investments =F10/110*100 =H10/110*100 Plant assets,net =F11/111*100 =H11/J11*100 Total assets =F12/112*100 =H12/112*100 Liabilities and Equity Current liabilities =F14/114*100 =H14/114*100 Common stock =F15/315*100 =H15/115*100 Other paid in capital =F16/116*100 % =H16/116*100 Retained earnings =F17/117*100 =H17/117*100 Total liabilities =F18/H18*100 =H18/118*100 %
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KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current...
[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...
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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...
[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...
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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...
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...
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Saved mework 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 5 0, 660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 KORBIN COMPANY Comparative Balance...
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 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,...
[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...
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...
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...
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 gold 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, 93250, 660 50, 500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 2017 KORBIN COMPANY Comparative Balance Sheets December...
Saved mework 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 5 0, 660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 KORBIN COMPANY Comparative Balance...
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...
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