Homework Answers
| Korbin Company | ||||||
| Balance sheet Data in Trend percentage | ||||||
| For the year's ended December 31,2018, 2017, 2016 | ||||||
| 2018 | 2017 | 2016 | ||||
| Assets | ||||||
| Current Assets | 95.62% | 74.81% | 100.00% | |||
| Long Term investments | 0.00% | 12.37% | 100.00% | |||
| Plant assets, net | 160.16% | 170.51% | 100.00% | |||
| Total Assets | 124.30% | 120.70% | 100.00% | |||
| Liabilities and equity | ||||||
| Current liabilities | 103.70% | 102.77% | 100.00% | |||
| Common stock | 138.30% | 138.30% | 100.00% | |||
| other paid in capital | 155.59% | 155.59% | 100.00% | |||
| Retained earnings | 114.61% | 105.29% | 100.00% | |||
| Total liabilities and equity | 124.30% | 120.70% | 100.00% | |||
| Workings: | ||||||
| Korbin Company | ||||||
| Balance sheet Data in Trend percentage | ||||||
| For the year's ended December 31,2018, 2017, 2016 | ||||||
| 2017 | 2016 | 2015 | ||||
| (i) | (i) / (iii) | (ii) | (ii) / (iii) | (iii) | ||
| Assets | ||||||
| Current Assets | $ 49,290 | 95.62% | $ 38,563 | 74.81% | $ 51,550 | 100.00% |
| Long Term investments | $ - | $ 600 | 12.37% | $ 4,850 | 100.00% | |
| Plant assets, net | $ 92,961 | 160.16% | $ 98,968 | 170.51% | $ 58,042 | 100.00% |
| Total Assets | $ 1,42,251 | 124.30% | $ 1,38,131 | 120.70% | $ 1,14,442 | 100.00% |
| Liabilities and equity | ||||||
| Current liabilities | $ 20,769 | 103.70% | $ 20,582 | 102.77% | $ 20,027 | 100.00% |
| Common stock | $ 65,000 | 138.30% | $ 65,000 | 138.30% | $ 47,000 | 100.00% |
| other paid in capital | $ 8,125 | 155.59% | $ 8,125 | 155.59% | $ 5,222 | 100.00% |
| Retained earnings | $ 48,357 | 114.61% | $ 44,424 | 105.29% | $ 42,193 | 100.00% |
| Total liabilities and equity | $ 1,42,251 | 124.30% | $ 1,38,131 | 120.70% | $ 1,14,442 | 100.00% |
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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...
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 234,625 188,481 132,608 Gross profit 155, 118 119, 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 30,844 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, and...
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 Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense 234,625 188,401 110,174 41,203 26,275 67,478 42,696 8,753 132,608 155,118 55, 344 35,077 90,421 64,697 12,034 74,592 27,350 17,198 44,548 30,044 6,099 Net income $ 52,663 $ 33,943 $ 23,945 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017, and 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 $ 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 $...
Saved Selected comparative financial statements of Korbin Company follow! KORBIN COMPANY Comparative Income Statements For Years...
Saved 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 $ 480,784 $ 368, 320 $ 255,600 Cost of goods sold 289,432 230,937 163,584 Gross profit 191,352 137, 383 92,016 Selling expenses 68,271 52,828 33,739 Administrative expenses 43,271 32,412 21, 215 Total expenses 111,542 83,240 54,954 Income before taxes 79,810 54, 143 37,062 Income taxes 14,845 11,099 7,524 Net income $ 64,965 $...
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, 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 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 $...
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
Sales
$
554,143
$
424,519
$
294,600
Cost of goods sold
333,594
269,145
188,544
Gross profit
220,549
155,374
106,056
Selling expenses
78,688
58,584
38,887
Administrative expenses
49,873
37,358
24,452
Total expenses
128,561
95,942
63,339
Income before taxes
91,988
59,432
42,717
Income taxes
17,110
12,184
8,672
Net income
$
74,878
$
47,248
$
34,045
KORBIN COMPANY...
Saved mework KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017...
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...
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...
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 234,625 188,481 132,608 Gross profit 155, 118 119, 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 30,844 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, and...
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 Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense 234,625 188,401 110,174 41,203 26,275 67,478 42,696 8,753 132,608 155,118 55, 344 35,077 90,421 64,697 12,034 74,592 27,350 17,198 44,548 30,044 6,099 Net income $ 52,663 $ 33,943 $ 23,945 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017, and 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 $ 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 $...
Saved 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 $ 480,784 $ 368, 320 $ 255,600 Cost of goods sold 289,432 230,937 163,584 Gross profit 191,352 137, 383 92,016 Selling expenses 68,271 52,828 33,739 Administrative expenses 43,271 32,412 21, 215 Total expenses 111,542 83,240 54,954 Income before taxes 79,810 54, 143 37,062 Income taxes 14,845 11,099 7,524 Net income $ 64,965 $...
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, 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 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 $...
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
$
554,143
$
424,519
$
294,600
Cost of goods sold
333,594
269,145
188,544
Gross profit
220,549
155,374
106,056
Selling expenses
78,688
58,584
38,887
Administrative expenses
49,873
37,358
24,452
Total expenses
128,561
95,942
63,339
Income before taxes
91,988
59,432
42,717
Income taxes
17,110
12,184
8,672
Net income
$
74,878
$
47,248
$
34,045
KORBIN COMPANY...
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...
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...
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