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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Very important please be correct thank you
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff2bfa172-bfc6-4a2e-9589-90b7bd2d30c6%2Fbe875685-f7fb-4b7e-a8c0-3209e5e3e1fe%2F6bbeo9r_processed.png&w=3840&q=75)
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education