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KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 2020 2019 $ 55,663 0 104,982 $ 37,256 1,100 95,091 $ 49,802 3,390 57,369 $ 160,645 $ 133,447 $ 110,561 $ 23,454 $ 19,884 $ 19,348 65,000 8,125 64,066 65,000 8,125 40,438 47,000 5,222 38,991 $ 160,645 $ 133,447 $ 110,561 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base yea Note: Round your percentage answers to 2 decimal places. Assets KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 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 %

KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 2020 2019 $ 55,663 0 104,982 $ 37,256 1,100 95,091 $ 49,802 3,390 57,369 $ 160,645 $ 133,447 $ 110,561 $ 23,454 $ 19,884 $ 19,348 65,000 8,125 64,066 65,000 8,125 40,438 47,000 5,222 38,991 $ 160,645 $ 133,447 $ 110,561 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base yea Note: Round your percentage answers to 2 decimal places. Assets KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 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 %

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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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2019 2020 Sales $ 397,267 $ 304,339 $ 211,200 Cost of goods sold 239,155 192,951 135,168 Gross profit 158,112 111,388 76,032 Selling expenses 56,412 41,999 27,878 Administrative expenses 35,754 26,782 17,530 Total expenses 92,166 68,781 45,408 Income before taxes 65,946 42,607 30,624 Income tax expense 12,266 8,734 6,217 Net income $ 53,680 $ 33,873 $ 24,407 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 55,663 0 104,982 $ 37,256 1,100 95,091 $ 49,802 3,390 57,369 Total liabilities and equity $ 160,645 $ 133,447 $ 110,561 $ 23,454 $ 19,884 $ 19,348 65,000 65,000 47,000 8,125 64,066 8,125 40,438 5,222 38,991 $ 160,645 $ 133,447 $ 110,561 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. Assets KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 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:Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2019 2020 Sales $ 397,267 $ 304,339 $ 211,200 Cost of goods sold 239,155 192,951 135,168 Gross profit 158,112 111,388 76,032 Selling expenses 56,412 41,999 27,878 Administrative expenses 35,754 26,782 17,530 Total expenses 92,166 68,781 45,408 Income before taxes 65,946 42,607 30,624 Income tax expense 12,266 8,734 6,217 Net income $ 53,680 $ 33,873 $ 24,407 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 55,663 0 104,982 $ 37,256 1,100 95,091 $ 49,802 3,390 57,369 Total liabilities and equity $ 160,645 $ 133,447 $ 110,561 $ 23,454 $ 19,884 $ 19,348 65,000 65,000 47,000 8,125 64,066 8,125 40,438 5,222 38,991 $ 160,645 $ 133,447 $ 110,561 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. Assets KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 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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