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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.) Assets Current assets Long-term investments Dlent 20goto KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % 2020 % 2019 100.00 % 100.00 100.00

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.) Assets Current assets Long-term investments Dlent 20goto KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % 2020 % 2019 100.00 % 100.00 100.00

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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**Educational Website Transcription:** **Balance Sheet Trend Analysis Exercise** **Instructions:** Complete the table below to calculate the balance sheet data in trend percentages with 2019 as the base year. Ensure you round your percentage answers to two decimal places. **KORBIN COMPANY** **Balance Sheet Data in Trend Percents** **As of December 31, 2021, 2020, and 2019** | Categories | 2021 (%) | 2020 (%) | 2019 (%) | |------------------------------|----------|----------|----------| | **Assets** | | | | | Current assets | | | 100.00 | | Long-term investments | | | 100.00 | | Plant 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 | **Explanation:** This table is designed to help you analyze the trend in balance sheet data over a three-year period, with 2019 as the base year. The values for 2019 are set at 100%, and your task is to calculate the corresponding percentages for the years 2021 and 2020. This allows you to determine how each category has increased or decreased in relation to 2019.
Transcribed Image Text:**Educational Website Transcription:** **Balance Sheet Trend Analysis Exercise** **Instructions:** Complete the table below to calculate the balance sheet data in trend percentages with 2019 as the base year. Ensure you round your percentage answers to two decimal places. **KORBIN COMPANY** **Balance Sheet Data in Trend Percents** **As of December 31, 2021, 2020, and 2019** | Categories | 2021 (%) | 2020 (%) | 2019 (%) | |------------------------------|----------|----------|----------| | **Assets** | | | | | Current assets | | | 100.00 | | Long-term investments | | | 100.00 | | Plant 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 | **Explanation:** This table is designed to help you analyze the trend in balance sheet data over a three-year period, with 2019 as the base year. The values for 2019 are set at 100%, and your task is to calculate the corresponding percentages for the years 2021 and 2020. This allows you to determine how each category has increased or decreased in relation to 2019.
```markdown **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** | #### Comparative Balance Sheets December 31, 2021 **Assets** - Current assets: $62,468 - Long-term investments: $0 - Plant assets, net: $117,816 **Total assets**: $180,284 **Liabilities and Equity** - Current liabilities: $26,321 - Common stock: $64,000 - Other paid-in capital: $8,000 - Retained earnings: $81,963 **Total liabilities and equity**: $180,284 ``` **Explanation:** This section provides a detailed breakdown of Korbin Company's financial performance and position over three years. The Comparative Income Statements highlight trends in sales, expenses, and net income, while the Comparative Balance Sheet for 2021 outlines the asset composition and liabilities/equity structure of the company.
Transcribed Image Text:```markdown **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** | #### Comparative Balance Sheets December 31, 2021 **Assets** - Current assets: $62,468 - Long-term investments: $0 - Plant assets, net: $117,816 **Total assets**: $180,284 **Liabilities and Equity** - Current liabilities: $26,321 - Common stock: $64,000 - Other paid-in capital: $8,000 - Retained earnings: $81,963 **Total liabilities and equity**: $180,284 ``` **Explanation:** This section provides a detailed breakdown of Korbin Company's financial performance and position over three years. The Comparative Income Statements highlight trends in sales, expenses, and net income, while the Comparative Balance Sheet for 2021 outlines the asset composition and liabilities/equity structure of the company.
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