KORBIN COMPANYComparative Income StatementsFor Years Ended December 31, 2019, 2018, and 2017 201920182017Sales$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 COMPANYComparative Balance SheetsDecember 31, 2019, 2018, and 2017 201920182017Assets 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 Korbin Company Balance Sheet Data in Trend Percents December 31, 2019, 2018, and 2017 ### Assets- **Current Assets** - 2019: [Blank] % - 2018: [Blank] % - 2017: 100.00 %- **Long-term Investments** - 2019: 0.00 % - 2018: 11.60 % - 2017: 100.00 %- **Plant Assets, Net** - 2019: [Blank] % - 2018: [Blank] % - 2017: 100.00 %- **Total Assets** - 2019: [Blank] % - 2018: [Blank] % - 2017: 100.00 %### Liabilities and Equity- **Current Liabilities** - 2019: [Blank] % - 2018: [Blank] % - 2017: 100.00 %- **Common Stock** - 2019: [Blank] % - 2018: [Blank] % - 2017: 100.00 %- **Other Paid-in Capital** - 2019: [Blank] % - 2018: [Blank] % - 2017: 100.00 %- **Retained Earnings** - 2019: [Blank] % - 2018: [Blank] % - 2017: 100.00 %- **Total Liabilities and Equity** - 2019: [Blank] % - 2018: [Blank] % - 2017: 100.00 %### ExplanationThe table presents the trend percentages of Korbin Company's balance sheet items over three years: 2019, 2018, and 2017. Each line item is compared to a base year of 2017, with percentages indicating changes over the periods. **Long-term Investments:** Notable for showing a decrease in 2018 to 11.60% and further down to 0.00% by 2019, signifying potential disinvestment or reallocation of resources. The overall structure reflects how the company's financial position and distribution of assets and liabilities have evolved over time. **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 |**Comparative Balance Sheets***December 31, 2019, 2018, and 2017***Assets**| | 2019 | 2018 | 2017 ||---------------------|-----------|-----------|-----------|| 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**| | 2019 | 2018 | 2017 ||---------------------|-----------|-----------|-----------|| Current liabilities | $24,494 | $20,765 | $20,206 || Common stock | 65,000 | 65,000 | 47,000 |

Solution: Korbin Company Balance sheet data in Trend Percent Dec 31, 2021, 2020 and 2019…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

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

Korbin Company
Balance Sheet Data in Trend Percents
December 31, 2019, 2018, and 2017

### Assets
- **Current Assets**
- 2019: [Blank] %
- 2018: [Blank] %
- 2017: 100.00 %

- **Long-term Investments**
- 2019: 0.00 %
- 2018: 11.60 %
- 2017: 100.00 %

- **Plant Assets, Net**
- 2019: [Blank] %
- 2018: [Blank] %
- 2017: 100.00 %

- **Total Assets**
- 2019: [Blank] %
- 2018: [Blank] %
- 2017: 100.00 %

### Liabilities and Equity
- **Current Liabilities**
- 2019: [Blank] %
- 2018: [Blank] %
- 2017: 100.00 %

- **Common Stock**
- 2019: [Blank] %
- 2018: [Blank] %
- 2017: 100.00 %

- **Other Paid-in Capital**
- 2019: [Blank] %
- 2018: [Blank] %
- 2017: 100.00 %

- **Retained Earnings**
- 2019: [Blank] %
- 2018: [Blank] %
- 2017: 100.00 %

- **Total Liabilities and Equity**
- 2019: [Blank] %
- 2018: [Blank] %
- 2017: 100.00 %

### Explanation
The table presents the trend percentages of Korbin Company's balance sheet items over three years: 2019, 2018, and 2017. Each line item is compared to a base year of 2017, with percentages indicating changes over the periods.

**Long-term Investments:** Notable for showing a decrease in 2018 to 11.60% and further down to 0.00% by 2019, signifying potential disinvestment or reallocation of resources.

The overall structure reflects how the company's financial position and distribution of assets and liabilities have evolved over time.

**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 |

**Comparative Balance Sheets**
*December 31, 2019, 2018, and 2017*

**Assets**

| | 2019 | 2018 | 2017 |
|---------------------|-----------|-----------|-----------|
| 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**

| | 2019 | 2018 | 2017 |
|---------------------|-----------|-----------|-----------|
| Current liabilities | $24,494 | $20,765 | $20,206 |
| Common stock | 65,000 | 65,000 | 47,000 |

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.