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3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets 100.00 % Long-term investments Plant assets, net 100.00 100.00 100.00 % Total assets Liabilities and Equity Current labilities 100.00 % Common stock 100.00 Other paid-in capital 100.00

3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets 100.00 % Long-term investments Plant assets, net 100.00 100.00 100.00 % Total assets Liabilities and Equity Current labilities 100.00 % Common stock 100.00 Other paid-in capital 100.00

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets 100.00 % Long-term investments 100.00 Piant assets, net 100.00 Total assets 100.00 % Liabilities and Equity Current liabilities 100 00 Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity 100.00 %
Transcribed Image Text:3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets 100.00 % Long-term investments 100.00 Piant assets, net 100.00 Total assets 100.00 % Liabilities and Equity Current liabilities 100 00 Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity 100.00 %
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 $ 555,000 283,500 271,500 102,900 50,668 153,568 117,932 40,800 $ 77,132 Sales $ 340,000 212,500 127,500 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense 46,920 29,920 76,840 50,660 10,370 $ 40,290 $ 278,000 153,900 124,100 50,800 22,800 73,600 50,500 15,670 $ 34,830 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 2019 Assets Current assets $ 52,390 $ 37,924 $ 51,748 3,950 60,000 $ 115,698 Long-term investments Plant assets, net 100,000 $ 152,390 500 96,000 $ 134,424 Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 22,800 72,000 9,000 48,590 $ 19,960 72,000 9,000 33,464 $ 20,300 60,000 6,000 29,398 $ 115,698 Total liabilities and equity $ 152,390 $ 134,424
Transcribed Image Text:KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 $ 555,000 283,500 271,500 102,900 50,668 153,568 117,932 40,800 $ 77,132 Sales $ 340,000 212,500 127,500 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense 46,920 29,920 76,840 50,660 10,370 $ 40,290 $ 278,000 153,900 124,100 50,800 22,800 73,600 50,500 15,670 $ 34,830 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 2019 Assets Current assets $ 52,390 $ 37,924 $ 51,748 3,950 60,000 $ 115,698 Long-term investments Plant assets, net 100,000 $ 152,390 500 96,000 $ 134,424 Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 22,800 72,000 9,000 48,590 $ 19,960 72,000 9,000 33,464 $ 20,300 60,000 6,000 29,398 $ 115,698 Total liabilities and equity $ 152,390 $ 134,424
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