2. Complete the below table to calculate income statement data in common-size percents. (Round to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % % 2019 % %
2. Complete the below table to calculate income statement data in common-size percents. (Round to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % % 2019 % %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![### 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*
| | 2021 | 2020 | 2019 |
|---------------------|----------|----------|----------|
| Sales | $465,359 | $356,503 | $247,400 |
| Cost of goods sold | 280,146 | 224,597 | 158,336 |
| Gross profit | 185,213 | 131,906 | 89,064 |
| Selling expenses | 66,081 | 49,197 | 32,657 |
| Administrative expenses | 41,882 | 31,372 | 20,534 |
| Total expenses | 107,963 | 80,569 | 53,191 |
| Income before taxes | 77,250 | 51,337 | 35,873 |
| Income tax expense | 14,369 | 10,524 | 7,282 |
| Net income | $62,881 | $40,813 | $28,591 |
---
#### KORBIN COMPANY
**Comparative Balance Sheets**
*December 31*
| | 2021 | 2020 | 2019 |
|----------------------|----------|----------|----------|
| **Assets** | | | |
| Current assets | $62,468 | $41,810 | $55,890 |
| Long-term investments| 0 | 700 | 3,310 |
| Plant assets, net | 117,816 | 107,251 | 64,877 |
| **Total assets** | $180,284 | $149,761 | $124,077 |
| | | | |
| **Liabilities and Equity** | | | |
| Current liabilities | $26,321 | $22,314 | $21,713 |
| Common stock | 64,000 | 64,000 | 46,000 |
| Other](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff2bfa172-bfc6-4a2e-9589-90b7bd2d30c6%2F617aee22-0353-489e-bb4c-d44e9d40ec80%2F17pcjx_processed.png&w=3840&q=75)
Transcribed Image Text:### 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*
| | 2021 | 2020 | 2019 |
|---------------------|----------|----------|----------|
| Sales | $465,359 | $356,503 | $247,400 |
| Cost of goods sold | 280,146 | 224,597 | 158,336 |
| Gross profit | 185,213 | 131,906 | 89,064 |
| Selling expenses | 66,081 | 49,197 | 32,657 |
| Administrative expenses | 41,882 | 31,372 | 20,534 |
| Total expenses | 107,963 | 80,569 | 53,191 |
| Income before taxes | 77,250 | 51,337 | 35,873 |
| Income tax expense | 14,369 | 10,524 | 7,282 |
| Net income | $62,881 | $40,813 | $28,591 |
---
#### KORBIN COMPANY
**Comparative Balance Sheets**
*December 31*
| | 2021 | 2020 | 2019 |
|----------------------|----------|----------|----------|
| **Assets** | | | |
| Current assets | $62,468 | $41,810 | $55,890 |
| Long-term investments| 0 | 700 | 3,310 |
| Plant assets, net | 117,816 | 107,251 | 64,877 |
| **Total assets** | $180,284 | $149,761 | $124,077 |
| | | | |
| **Liabilities and Equity** | | | |
| Current liabilities | $26,321 | $22,314 | $21,713 |
| Common stock | 64,000 | 64,000 | 46,000 |
| Other
![**Korbin Company: Common-Size Comparative Income Statements**
_For Years Ended December 31, 2021, 2020, and 2019_
This table is used to calculate income statement data in common-size percentages. Each item is represented as a percentage of sales, allowing for easy comparison across years. The percentages should be rounded to two decimal places.
| | 2021 | 2020 | 2019 |
|------------------------|--------------|--------------|--------------|
| **Sales** | \[%\] | \[%\] | \[%\] |
| **Cost of Goods Sold** | \[%\] | \[%\] | \[%\] |
| **Gross Profit** | \[%\] | \[%\] | \[%\] |
| **Selling Expenses** | \[%\] | \[%\] | \[%\] |
| **Administrative Expenses** | \[%\] | \[%\] | \[%\] |
| **Total Expenses** | \[%\] | \[%\] | \[%\] |
| **Income Before Taxes**| \[%\] | \[%\] | \[%\] |
| **Income Tax Expense** | \[%\] | \[%\] | \[%\] |
| **Net Income** | \[%\] | \[%\] | \[%\] |
Note: The table is currently unfilled, indicating that calculations need to be performed to determine each line item as a percentage of sales.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff2bfa172-bfc6-4a2e-9589-90b7bd2d30c6%2F617aee22-0353-489e-bb4c-d44e9d40ec80%2Flmrxv7j_processed.png&w=3840&q=75)
Transcribed Image Text:**Korbin Company: Common-Size Comparative Income Statements**
_For Years Ended December 31, 2021, 2020, and 2019_
This table is used to calculate income statement data in common-size percentages. Each item is represented as a percentage of sales, allowing for easy comparison across years. The percentages should be rounded to two decimal places.
| | 2021 | 2020 | 2019 |
|------------------------|--------------|--------------|--------------|
| **Sales** | \[%\] | \[%\] | \[%\] |
| **Cost of Goods Sold** | \[%\] | \[%\] | \[%\] |
| **Gross Profit** | \[%\] | \[%\] | \[%\] |
| **Selling Expenses** | \[%\] | \[%\] | \[%\] |
| **Administrative Expenses** | \[%\] | \[%\] | \[%\] |
| **Total Expenses** | \[%\] | \[%\] | \[%\] |
| **Income Before Taxes**| \[%\] | \[%\] | \[%\] |
| **Income Tax Expense** | \[%\] | \[%\] | \[%\] |
| **Net Income** | \[%\] | \[%\] | \[%\] |
Note: The table is currently unfilled, indicating that calculations need to be performed to determine each line item as a percentage of sales.
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