Homework Help is Here – Start Your Trial Now!
Business
Accounting
2. Complete the below table to calculate income statement data in common-size percents. ( decimal places.)

2. Complete the below table to calculate income statement data in common-size percents. ( decimal places.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 $ 474, 200 285,468 2819 $363, 276 228,864 188, 732 134,412 67,336 50, 132 42,678 31, 968 119,014 82, 198 78, 718 52,312 14,642 19,724 $ 64,976 $ 41,588 S Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 100.00 % 2019 100.00 % Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity O Yes O No O Yes O NO KORBIN COMPANY 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) Yes O No KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2020, 2019 and 2018 2020 (c) Did plant assets grow over this period? KOMEN %6 96 S 61,857 8 118, 485 $ 180, 342 % S 26,330 79,000 8, 750 75.262 $ 188,342 3. Complete the below table to calculate the balance sheet data in trend percents with 2018 as base year. (Round your percentage answers to 2 decimal places.) 2018 100.00 % 1943 2019 96 8X6 196 96 2018 $ 252, 190 161, 344 41, 401 800 107, 688 $ 149, 809 2019 2018 98,756 33,277 20,924 54, 201 36,555 7, 421 29,134 $ 22,322 70,000 8.750 48.737 44.619 149,899 $ 124,117 100.00 96 100.00 100.00 100.00 % 100.00 100.00 % 100.00 2018 100.00 100.00 % (b) Did income as a percent of sales improve in the most recent year compared to the prior year? $ 55,344 4,540 64,233 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? S 21, 720 52.880
Transcribed Image Text:Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 $ 474, 200 285,468 2819 $363, 276 228,864 188, 732 134,412 67,336 50, 132 42,678 31, 968 119,014 82, 198 78, 718 52,312 14,642 19,724 $ 64,976 $ 41,588 S Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 100.00 % 2019 100.00 % Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity O Yes O No O Yes O NO KORBIN COMPANY 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) Yes O No KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2020, 2019 and 2018 2020 (c) Did plant assets grow over this period? KOMEN %6 96 S 61,857 8 118, 485 $ 180, 342 % S 26,330 79,000 8, 750 75.262 $ 188,342 3. Complete the below table to calculate the balance sheet data in trend percents with 2018 as base year. (Round your percentage answers to 2 decimal places.) 2018 100.00 % 1943 2019 96 8X6 196 96 2018 $ 252, 190 161, 344 41, 401 800 107, 688 $ 149, 809 2019 2018 98,756 33,277 20,924 54, 201 36,555 7, 421 29,134 $ 22,322 70,000 8.750 48.737 44.619 149,899 $ 124,117 100.00 96 100.00 100.00 100.00 % 100.00 100.00 % 100.00 2018 100.00 100.00 % (b) Did income as a percent of sales improve in the most recent year compared to the prior year? $ 55,344 4,540 64,233 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? S 21, 720 52.880
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 4 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Vertical statement analysis
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS