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3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places. 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 Show Transcribed Text KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % % % 2020 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 100.00 % 2020 100.00 % % % % % % 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 % 2019 100.00 % %

3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places. 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 Show Transcribed Text KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % % % 2020 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 100.00 % 2020 100.00 % % % % % % 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 % 2019 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. Note: Round your percentage answers to 2 decimal places. 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 Show Transcribed Text KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Ĉ % % % % % 2020 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 100.00 % 2020 100.00 % % % % % % 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 % 2019 100.00 % %
Transcribed Image Text:3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places. 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 Show Transcribed Text KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Ĉ % % % % % 2020 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 100.00 % 2020 100.00 % % % % % % 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 % 2019 100.00 % %
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 2020 $ 397,428 249, 187 148, 241 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets 2021 $518,780 312,306 206,474 73,667 46,690 Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 120, 357 86, 117 16,018 $ 70,099 December 31 Common stock Other paid-in capital Retained earnings Total liabilities and equity 54,845 34,974 89,819 58,422 11,976 $ 46,446 2021 $ 54,058 0 100,394 $ 154,452 $ 22,550 65,000 8,125 58,777 $ 154,452 2020 2019 $ 275,800 176,512 99, 288 36, 406 22,891 59,297 39,991 8,118 $ 31,873 $36,181 600 91,522 $ 128,303 2019 $ 48,366 3,280 54, 653 $ 106, 299 $ 19,117 65,000 8,125 5,222 36,061 35,475 $ 128,303 $ 106,299 $ 18,602 47,000
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 2020 $ 397,428 249, 187 148, 241 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets 2021 $518,780 312,306 206,474 73,667 46,690 Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 120, 357 86, 117 16,018 $ 70,099 December 31 Common stock Other paid-in capital Retained earnings Total liabilities and equity 54,845 34,974 89,819 58,422 11,976 $ 46,446 2021 $ 54,058 0 100,394 $ 154,452 $ 22,550 65,000 8,125 58,777 $ 154,452 2020 2019 $ 275,800 176,512 99, 288 36, 406 22,891 59,297 39,991 8,118 $ 31,873 $36,181 600 91,522 $ 128,303 2019 $ 48,366 3,280 54, 653 $ 106, 299 $ 19,117 65,000 8,125 5,222 36,061 35,475 $ 128,303 $ 106,299 $ 18,602 47,000
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