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Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.)     KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017   2019   2018   2017   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 % see pictures

Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.)     KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017   2019   2018   2017   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 % see pictures

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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3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.)

 
 
KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2019, 2018 and 2017
  2019   2018   2017  
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 %

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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 $ 267,500 171, 200 $ 503,168 302,907 200, 261 71,450 45, 285 $ 385,468 244,772 140,696 53,195 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 96,300 35,310 22,203 57,513 33,921 87,116 116,735 Income before taxes 83,526 53,580 10,984 $ 42,596 38,787 Income tax expense 15,536 7,874 Net income $ 67,990 $ 30,913 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 63,122 $ 42,248 $ 56,475 Long-term investments Plant assets, net 800 4,910 115,440 105, 283 61,507 Total assets $ 178,562 $ 148,331 $ 122,892 Liabilities and Equity Current liabilities $ 26,070 $ 22,101 $ 21,506 Common stock 68,000 8,500 68,000 8,500 50,000 5,556 other paid-in capital Retained earnings 49,730 $ 148,331 75,992 45,830 Total liabilities and equity $ 178,562 $ 122,892
Transcribed Image Text: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 $ 267,500 171, 200 $ 503,168 302,907 200, 261 71,450 45, 285 $ 385,468 244,772 140,696 53,195 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 96,300 35,310 22,203 57,513 33,921 87,116 116,735 Income before taxes 83,526 53,580 10,984 $ 42,596 38,787 Income tax expense 15,536 7,874 Net income $ 67,990 $ 30,913 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 63,122 $ 42,248 $ 56,475 Long-term investments Plant assets, net 800 4,910 115,440 105, 283 61,507 Total assets $ 178,562 $ 148,331 $ 122,892 Liabilities and Equity Current liabilities $ 26,070 $ 22,101 $ 21,506 Common stock 68,000 8,500 68,000 8,500 50,000 5,556 other paid-in capital Retained earnings 49,730 $ 148,331 75,992 45,830 Total liabilities and equity $ 178,562 $ 122,892
3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 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 %
Transcribed Image Text:3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 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 %
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