Homework Answers
| Korbin Company | ||||||
| Balance Sheet Data in Trend percentage | ||||||
| For the year's ended December 31, 2017, 2016, 2015 | ||||||
| 2017 | 2016 | 2015 | ||||
| (i) | (i) / (iii) | (ii) | (ii) / (iii) | (iii) | ||
| Assets | ||||||
| Current Assets | $ 53,592 | 95.62% | $ 41,929 | 74.81% | $ 56,049 | 100.00% |
| Long Term investments | $ 700 | 17.41% | $ 4,020 | 100.00% | ||
| Plant assets, net | $ 1,01,074 | 157.04% | $ 1,07,558 | 167.12% | $ 64,361 | 100.00% |
| Total Assets | $ 1,54,666 | 124.30% | $ 1,50,187 | 120.70% | $1,24,430 | 100.00% |
| Liabilities and equity | ||||||
| Current liabilities | $ 22,581 | 103.70% | $ 22,378 | 102.77% | $ 21,775 | 100.00% |
| Common stock | $ 71,000 | 133.96% | $ 71,000 | 133.96% | $ 53,000 | 100.00% |
| other paid in capital | $ 8,875 | 150.70% | $ 8,875 | 150.70% | $ 5,889 | 100.00% |
| Retained earnings | $ 52,210 | 119.29% | $ 47,934 | 109.52% | $ 43,766 | 100.00% |
| Total liabilities and equity | $ 1,54,666 | 124.30% | $ 1,50,187 | 120.70% | $1,24,430 | 100.00% |
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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...
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, 2017, 2016, and 2015 2016 $553,39 $423,94 $ 294,20 2017 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 333,141 266,236 188,288 220,249 157,706 105,912 78,581 58,504 38,834 49,805 37,307 24,419 128,386 95,811 63,25.3 91,863 61,895 42,659 17,087 12,689...
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, 2017, 2016, and 2015 2017 2016 2015 Sales $500,346 $383, 386 $266,000 Cost of goods sold 301,288 241,099 170, 240 Gross profit 199.38 142.207 95.760 Selling expenses 71,04952,896 35,112 Administrative 45, 031 33,731 22,078 expenses Total expenses 116,08886,627 57,198 Income before 83,058 55,580 38,570 taxes Income taxes 15,449 11,394 7,830 Net...
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,, 2017, 2016, and 2015 2016 $326,098 205,442 120,656 2015 2017 $226,300 144,832 81,468 29,872 18,783 48,655 32,813 6,661 $ 425,670 256,253 169,417 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 60,445 38,310 98,755 70,662 13,143 45,002 28,697 73,699 46,957 9,626 Income before taxes Income taxes $...
[The following information applies to the questions displayed below. Selected comparative financial statements of Korbi...
[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 $ 548,876 $ 420,484 $ 291, 880 Cost of goods sold 338,423 266,587 186,752 Gross profit 218,453 153,897 105,848 Selling expenses 77,940 58,827 38,518 Administrative expenses 49,399 37, e83 24,219 Total expenses 127,339 95,30 62,737 Income before taxes 91.114 58,867 42,311 Income taxes 16,947 12.068...
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, 2017, 2016, and 2015 2017 2016 2015 Sales $ 392,377 $ 300, 593 5 208,600 Cost of goods sold 236,211 189,975 133,584 Gross profit 156, 166 110,618 75,096 Selling expenses 55,718 41,482 27,535 Administrative expenses 35, 314 26,452 17,314 Total expenses 91.032 67,934 44,849 Income before taxes 65, 134 42,684 30,...
[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 of goods sold Gross profit Selling expensers Administrative expenses Total expenses Income before taxes Income taxes Net income $522,166 400,022 277,600 177,664 99,936 36,643 35,202 23,041 59,684 40,252 8,171 $ 70,557 44,204 32,081 314,344 207,822 74,148 46,995 121,143 86,679 16,122 254,014 146,008 55,203 90,405...
Korbin Company Required information [The following information applies to the questions displayed below.] Selected comparative financial...
Korbin Company
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, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sola Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $ 410,810 247,308 163,502 58,335 36,973 95,308 68,194 12,684 $ 55,510 314,714 $ 218,400 139,776 78,624 28,829 18,127 46,956 31,668 6,429 34,777$...
Required information [The following information applies to the questions displayed below.] Selected comparative financi...
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, 2017, 2016, and 2015 2017 2016 2015 Sales $ 392,189 $ 300,449 $ 208,500 Cost of goods sold 236,098 189,884 133,440 Gross profit 156,091 110,565 75,060 Selling expenses 55,691 41,462 27,522 Administrative expenses 35,297 26,440 17,306 Total expenses 90,988 67,902 44,828 Income before taxes 65,103 42,663 30,232 Income taxes 12,109 8,746...
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 foilow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2817, 2816, and 2815 2817 2016221 s se3,92e $ 386,844 5 267,98e Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Incone before taxes Income taxes Net incone 303 368 242,822 172 456 96,444 288,550143,222 71,557 53,27435,363 83,658 55,976 38, 886 $ 68,891 - 44,501 32,959 NORBIN...
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 $ 557,905 $ 427,401 $ 296,600 Cost of goods sold 335,859 267,980 189,824 Gross profit 222,046 159,421 106,776 Selling expenses 79,223 58,981 39, 151 Administrative expenses 50, 211 24,618 Total expenses 129,434 96,592 63,769 Income before taxes 92,612 62,829 43, 007 Income tax...
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, 2017, 2016, and 2015 2016 $553,39 $423,94 $ 294,20 2017 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 333,141 266,236 188,288 220,249 157,706 105,912 78,581 58,504 38,834 49,805 37,307 24,419 128,386 95,811 63,25.3 91,863 61,895 42,659 17,087 12,689...
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, 2017, 2016, and 2015 2017 2016 2015 Sales $500,346 $383, 386 $266,000 Cost of goods sold 301,288 241,099 170, 240 Gross profit 199.38 142.207 95.760 Selling expenses 71,04952,896 35,112 Administrative 45, 031 33,731 22,078 expenses Total expenses 116,08886,627 57,198 Income before 83,058 55,580 38,570 taxes Income taxes 15,449 11,394 7,830 Net...
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,, 2017, 2016, and 2015 2016 $326,098 205,442 120,656 2015 2017 $226,300 144,832 81,468 29,872 18,783 48,655 32,813 6,661 $ 425,670 256,253 169,417 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 60,445 38,310 98,755 70,662 13,143 45,002 28,697 73,699 46,957 9,626 Income before taxes Income taxes $...
[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 $ 548,876 $ 420,484 $ 291, 880 Cost of goods sold 338,423 266,587 186,752 Gross profit 218,453 153,897 105,848 Selling expenses 77,940 58,827 38,518 Administrative expenses 49,399 37, e83 24,219 Total expenses 127,339 95,30 62,737 Income before taxes 91.114 58,867 42,311 Income taxes 16,947 12.068...
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, 2017, 2016, and 2015 2017 2016 2015 Sales $ 392,377 $ 300, 593 5 208,600 Cost of goods sold 236,211 189,975 133,584 Gross profit 156, 166 110,618 75,096 Selling expenses 55,718 41,482 27,535 Administrative expenses 35, 314 26,452 17,314 Total expenses 91.032 67,934 44,849 Income before taxes 65, 134 42,684 30,...
[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 expensers Administrative expenses Total expenses Income before taxes Income taxes Net income $522,166 400,022 277,600 177,664 99,936 36,643 35,202 23,041 59,684 40,252 8,171 $ 70,557 44,204 32,081 314,344 207,822 74,148 46,995 121,143 86,679 16,122 254,014 146,008 55,203 90,405...
Korbin Company
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, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sola Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $ 410,810 247,308 163,502 58,335 36,973 95,308 68,194 12,684 $ 55,510 314,714 $ 218,400 139,776 78,624 28,829 18,127 46,956 31,668 6,429 34,777$...
Required Information The following information applies to the questions displayed below Selected comparative financial statements of Korbin Company foilow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2817, 2816, and 2815 2817 2016221 s se3,92e $ 386,844 5 267,98e Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Incone before taxes Income taxes Net incone 303 368 242,822 172 456 96,444 288,550143,222 71,557 53,27435,363 83,658 55,976 38, 886 $ 68,891 - 44,501 32,959 NORBIN...
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 $ 557,905 $ 427,401 $ 296,600 Cost of goods sold 335,859 267,980 189,824 Gross profit 222,046 159,421 106,776 Selling expenses 79,223 58,981 39, 151 Administrative expenses 50, 211 24,618 Total expenses 129,434 96,592 63,769 Income before taxes 92,612 62,829 43, 007 Income tax...
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