Selected comparative financial statements of Korbin Company follow. KORBIN COMPANYComparative Income StatementsFor Years Ended December 31 202120202019Sales$ 541,916$ 415,152$ 288,100Cost of goods sold326,233260,300184,384Gross profit215,683154,852103,716Selling expenses76,95257,29138,029Administrative expenses48,77236,53323,912Total expenses125,72493,82461,941Income before taxes89,95961,02841,775Income tax expense16,73212,5118,480Net income$ 73,227$ 48,517$ 33,295 KORBIN COMPANYComparative Balance SheetsDecember 31 202120202019Assets Current assets$ 57,416$ 38,429$ 51,370Long-term investments08004,560Plant assets, net105,00695,69455,854Total assets$ 162,422$ 134,923$ 111,784Liabilities and Equity Current liabilities$ 23,714$ 20,104$ 19,562Common stock72,00072,00054,000Other paid-in capital9,0009,0006,000Retained earnings57,70833,81932,222Total liabilities and equity$ 162,422$ 134,923$ 111,784 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANYCommon-Size Comparative Income StatementsFor Years Ended December 31, 2021, 2020, and 201920212020100.00 %100.00 %SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome tax expenseNet income%%2019100.00 %%

Introduction:- A common size income statement occurs when every line item on the income statement is…

Answered: Complete the below table to calculate…

Financial Management: Theory & Practice

16th Edition

ISBN:9781337909730

Author:Brigham

Publisher:Brigham

Chapter2: Financial Statements, Cash Flow,and Taxes

Section: Chapter Questions

Problem 15P: Use the following income statement of Elliott Game Theory Consulting to determine its net operating...

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Selected comparative financial statements of Korbin Company follow.

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
	2021	2020	2019
Sales	$ 541,916	$ 415,152	$ 288,100
Cost of goods sold	326,233	260,300	184,384
Gross profit	215,683	154,852	103,716
Selling expenses	76,952	57,291	38,029
Administrative expenses	48,772	36,533	23,912
Total expenses	125,724	93,824	61,941
Income before taxes	89,959	61,028	41,775
Income tax expense	16,732	12,511	8,480
Net income	$ 73,227	$ 48,517	$ 33,295

KORBIN COMPANY
Comparative Balance Sheets
December 31
	2021	2020	2019
Assets
Current assets	$ 57,416	$ 38,429	$ 51,370
Long-term investments	0	800	4,560
Plant assets, net	105,006	95,694	55,854
Total assets	$ 162,422	$ 134,923	$ 111,784
Liabilities and Equity
Current liabilities	$ 23,714	$ 20,104	$ 19,562
Common stock	72,000	72,000	54,000
Other paid-in capital	9,000	9,000	6,000
Retained earnings	57,708	33,819	32,222
Total liabilities and equity	$ 162,422	$ 134,923	$ 111,784

2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)

KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2021, 2020, and 2019
2021
2020
100.00 %
100.00 %
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
%
%
2019
100.00 %
%

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