Assets Current assets. Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities. Common stock Other paid-in capital. Retained earnings Assets Current assets Long-term investments Plant assets, net Total assets December 31 Liabilities and Equity Current liabilities Common stock 2021 Other paid-in capital Retained earnings Total liabilities and equity $ 56,256 0 106,098 $ 162,354 $ 23,704 65,000 8,125 65,525 41,647 Total liabilities and equity $ 162,354 $ 134,867 $ 111,737 2020 $ 37,652 700 96,515 $134,867 $111,737 $ 20,095 65,000 8,125 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. 0.00 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % 2019 $ 50,332 3,530 57,875 % % $ 19,554 47,000 5,222 39,961 % 2020 74.81 % 120.70 % 102.77 % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
Assets Current assets. Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities. Common stock Other paid-in capital. Retained earnings Assets Current assets Long-term investments Plant assets, net Total assets December 31 Liabilities and Equity Current liabilities Common stock 2021 Other paid-in capital Retained earnings Total liabilities and equity $ 56,256 0 106,098 $ 162,354 $ 23,704 65,000 8,125 65,525 41,647 Total liabilities and equity $ 162,354 $ 134,867 $ 111,737 2020 $ 37,652 700 96,515 $134,867 $111,737 $ 20,095 65,000 8,125 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. 0.00 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % 2019 $ 50,332 3,530 57,875 % % $ 19,554 47,000 5,222 39,961 % 2020 74.81 % 120.70 % 102.77 % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please answer do not image format
![Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3
[The following information applies to the questions displayed below]
Selected comparative financial statements of Korbin Company follow.
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Incone before taxes
Income tax expense
Net income
Assets
Current assets
KORBIN COMPANY
Comparative Income Statements:
For Years Ended December 31.
2021
2020
$ 511,444 $ 391,808.
307,889
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity.
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity
Current liabilities
Common stock
203,555
72,625
46,030
118,655
84,900
15,791
$ 69,109
KORBIN COMPANY
Comparative Balance Sheets
Other paid-in capital
Retained earnings
Total liabilities and equity
December 31
2021
245,272
146,536
54,070
34,479
88,549
57,987
11,887
$ 46, 100
$ 23,704
65,000
8,125
65,525
Total liabilities and equity $ 162,354
$ 56,256
0
106,098
$ 162,354
2021
0.00
2020
$ 37,652
700
96,515
$ 134,867
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.
KORBIN COMPANY
Balance Sheet Data in Trend Percents.
December 31, 2021, 2020 and 2019
2019
$ 271,900
174, 016
%
$ 20,095
$ 19,554
65,000
47,000
8,125
5,222
41,647
39,961
$134,867 $ 111,737
%
97,884
35,891
22,568
58,459
39,425
8,003
$ 31,422
%
2019
$ 50,332
3,538
57,875
$ 111,737
2020
74.81 %
120.70 %
102.77 %
%
2019
100.00 %
100.00
100.00
100.00 %
100.00 %
100.00
100.00
100.00
100.00 %](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9c970678-6c04-4790-b8e6-f635264c23b8%2F78d3c3cc-923f-4257-8254-fbb4cdc690e3%2Ft6wqog8_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3
[The following information applies to the questions displayed below]
Selected comparative financial statements of Korbin Company follow.
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Incone before taxes
Income tax expense
Net income
Assets
Current assets
KORBIN COMPANY
Comparative Income Statements:
For Years Ended December 31.
2021
2020
$ 511,444 $ 391,808.
307,889
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity.
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity
Current liabilities
Common stock
203,555
72,625
46,030
118,655
84,900
15,791
$ 69,109
KORBIN COMPANY
Comparative Balance Sheets
Other paid-in capital
Retained earnings
Total liabilities and equity
December 31
2021
245,272
146,536
54,070
34,479
88,549
57,987
11,887
$ 46, 100
$ 23,704
65,000
8,125
65,525
Total liabilities and equity $ 162,354
$ 56,256
0
106,098
$ 162,354
2021
0.00
2020
$ 37,652
700
96,515
$ 134,867
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.
KORBIN COMPANY
Balance Sheet Data in Trend Percents.
December 31, 2021, 2020 and 2019
2019
$ 271,900
174, 016
%
$ 20,095
$ 19,554
65,000
47,000
8,125
5,222
41,647
39,961
$134,867 $ 111,737
%
97,884
35,891
22,568
58,459
39,425
8,003
$ 31,422
%
2019
$ 50,332
3,538
57,875
$ 111,737
2020
74.81 %
120.70 %
102.77 %
%
2019
100.00 %
100.00
100.00
100.00 %
100.00 %
100.00
100.00
100.00
100.00 %
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