Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 Skip to question [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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 459,716 $ 352,180 $ 244,400 Cost of goods sold 276,749 223,282 156,416 Gross profit 182,967 128,898 87,984 Selling expenses 65,280 48,601 32,261 Administrative expenses 41,374 30,992 20,285 Total expenses 106,654 79,593 52,546 Income before taxes 76,313 49,305 35,438 Income tax expense 14,194 10,108 7,194 Net income $ 62,119 $ 39,197 $ 28,244 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 58,718 $ 39,300 $ 52,535 Long-term investments 0 500 4,280 Plant assets, net 109,047 99,561 58,646 Total assets $ 167,765 $ 139,361 $ 115,461 Liabilities and Equity Current liabilities $ 24,494 $ 20,765 $ 20,206 Common stock 65,000 65,000 47,000 Other paid-in capital 8,125 8,125 5,222 Retained earnings 70,146 45,471 43,033 Total liabilities and equity $ 167,765 $ 139,361 $ 115,461 Problem 17-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 Skip to question [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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 459,716 $ 352,180 $ 244,400 Cost of goods sold 276,749 223,282 156,416 Gross profit 182,967 128,898 87,984 Selling expenses 65,280 48,601 32,261 Administrative expenses 41,374 30,992 20,285 Total expenses 106,654 79,593 52,546 Income before taxes 76,313 49,305 35,438 Income tax expense 14,194 10,108 7,194 Net income $ 62,119 $ 39,197 $ 28,244 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 58,718 $ 39,300 $ 52,535 Long-term investments 0 500 4,280 Plant assets, net 109,047 99,561 58,646 Total assets $ 167,765 $ 139,361 $ 115,461 Liabilities and Equity Current liabilities $ 24,494 $ 20,765 $ 20,206 Common stock 65,000 65,000 47,000 Other paid-in capital 8,125 8,125 5,222 Retained earnings 70,146 45,471 43,033 Total liabilities and equity $ 167,765 $ 139,361 $ 115,461 Problem 17-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....
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Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3
Skip to question
[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, 2019, 2018, and 2017 | |||||||||
2019 | 2018 | 2017 | |||||||
Sales | $ | 459,716 | $ | 352,180 | $ | 244,400 | |||
Cost of goods sold | 276,749 | 223,282 | 156,416 | ||||||
Gross profit | 182,967 | 128,898 | 87,984 | ||||||
Selling expenses | 65,280 | 48,601 | 32,261 | ||||||
Administrative expenses | 41,374 | 30,992 | 20,285 | ||||||
Total expenses | 106,654 | 79,593 | 52,546 | ||||||
Income before taxes | 76,313 | 49,305 | 35,438 | ||||||
Income tax expense | 14,194 | 10,108 | 7,194 | ||||||
Net income | $ | 62,119 | $ | 39,197 | $ | 28,244 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2019, 2018, and 2017 | |||||||||
2019 | 2018 | 2017 | |||||||
Assets | |||||||||
Current assets | $ | 58,718 | $ | 39,300 | $ | 52,535 | |||
Long-term investments | 0 | 500 | 4,280 | ||||||
Plant assets, net | 109,047 | 99,561 | 58,646 | ||||||
Total assets | $ | 167,765 | $ | 139,361 | $ | 115,461 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 24,494 | $ | 20,765 | $ | 20,206 | |||
Common stock | 65,000 | 65,000 | 47,000 | ||||||
Other paid-in capital | 8,125 | 8,125 | 5,222 | ||||||
70,146 | 45,471 | 43,033 | |||||||
Total liabilities and equity | $ | 167,765 | $ | 139,361 | $ | 115,461 | |||
Problem 17-2A Part 2
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
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Problem 13-2A (Static) Ratios, common-size statements, and trend percents LO P1, P2, P3
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[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 | $ 555,000 | $ 340,000 | $ 278,000 |
Cost of goods sold | 283,500 | 212,500 | 153,900 |
Gross profit | 271,500 | 127,500 | 124,100 |
Selling expenses | 102,900 | 46,920 | 50,800 |
Administrative expenses | 50,668 | 29,920 | 22,800 |
Total expenses | 153,568 | 76,840 | 73,600 |
Income before taxes | 117,932 | 50,660 | 50,500 |
Income tax expense | 40,800 | 10,370 | 15,670 |
Net income | $ 77,132 | $ 40,290 | $ 34,830 |
KORBIN COMPANY | |||
Comparative Balance Sheets | |||
December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Assets | |||
Current assets | $ 52,390 | $ 37,924 | $ 51,748 |
Long-term investments | 0 | 500 | 3,950 |
Plant assets, net | 100,000 | 96,000 | 60,000 |
Total assets | $ 152,390 | $ 134,424 | $ 115,698 |
Liabilities and Equity | |||
Current liabilities | $ 22,800 | $ 19,960 | $ 20,300 |
Common stock | 72,000 | 72,000 | 60,000 |
Other paid-in capital | 9,000 | 9,000 | 6,000 |
48,590 | 33,464 | 29,398 | |
Total liabilities and equity | $ 152,390 | $ 134,424 | $ 115,698 |
Problem 13-2A (Static) Part 2
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
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