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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.)

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.)

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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Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Comparative Income Statements For Years Ended December 31 2020 2021 $ 445,985 $ 341,661 268,483 216,271 177,502 125,390 63,330 47,149 40,139 30,066 103,469 77,215 48,175 9,876 $ 38,299 Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Other paid-in capital Retained earnings Total liabilities and equity KORBIN COMPANY Comparative Balance Sheets. 74,033 13,770 $ 60,263 December 31 2021 $ 24,626 70,000 $ 39,117 $ 58,445 0 110,227 1,100 99,898 $ 168,672 $ 140,115 2020 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 % % 2019 $ 237,100 151,744 85,356 31,297 19,679 50,976 34,380 6,979 $ 27,401 $ 20,877 70,000 8,750 40,488 8,750 65,296 $ 168,672 $ 140,115 $ 116,085 % % 2019 $ 52,290 3,880 59,915 $ 116,085 2020 $ 20,315 52,000 5,778 37,992 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
Transcribed Image Text:Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Comparative Income Statements For Years Ended December 31 2020 2021 $ 445,985 $ 341,661 268,483 216,271 177,502 125,390 63,330 47,149 40,139 30,066 103,469 77,215 48,175 9,876 $ 38,299 Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Other paid-in capital Retained earnings Total liabilities and equity KORBIN COMPANY Comparative Balance Sheets. 74,033 13,770 $ 60,263 December 31 2021 $ 24,626 70,000 $ 39,117 $ 58,445 0 110,227 1,100 99,898 $ 168,672 $ 140,115 2020 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 % % 2019 $ 237,100 151,744 85,356 31,297 19,679 50,976 34,380 6,979 $ 27,401 $ 20,877 70,000 8,750 40,488 8,750 65,296 $ 168,672 $ 140,115 $ 116,085 % % 2019 $ 52,290 3,880 59,915 $ 116,085 2020 $ 20,315 52,000 5,778 37,992 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
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