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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 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
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.
Transcribed Image Text: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 |
Transcribed Image Text:**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 |
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