Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [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 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses $ 442,035 266,105 175,930 62,769 $ 338,635 212,324 126, 311 46,732 29,800 76,532 $ 235,000 150,400 84,600 31,020 19,505 50,525 34,075 6,917 39,783 102,552 73,378 13,648 Income before taxes 49,779 Income tax expense 10, 205 Net income $ 59,730 $ 39,574 $ 27,158 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets %24 $ 55,578 $ 37, 199 $ 49,726 Long-term investments Plant assets, net 900 95,143 $ 133, 242 4,570 104,820 $ 160,398 56,095 $ 110,391 Total assets Liabilities and Equity Current liabilities $ 23,418 68,000 8,500 60,480 $ 160,398 $ 19,853 68,000 8, 500 36,889 $ 19,318 Common stock Other paid-in capital Retained earnings 50,000 5,556 35,517 Total liabilities and equity $ 133, 242 $ 110,391 Problem 13-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income %
Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [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 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses $ 442,035 266,105 175,930 62,769 $ 338,635 212,324 126, 311 46,732 29,800 76,532 $ 235,000 150,400 84,600 31,020 19,505 50,525 34,075 6,917 39,783 102,552 73,378 13,648 Income before taxes 49,779 Income tax expense 10, 205 Net income $ 59,730 $ 39,574 $ 27,158 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets %24 $ 55,578 $ 37, 199 $ 49,726 Long-term investments Plant assets, net 900 95,143 $ 133, 242 4,570 104,820 $ 160,398 56,095 $ 110,391 Total assets Liabilities and Equity Current liabilities $ 23,418 68,000 8,500 60,480 $ 160,398 $ 19,853 68,000 8, 500 36,889 $ 19,318 Common stock Other paid-in capital Retained earnings 50,000 5,556 35,517 Total liabilities and equity $ 133, 242 $ 110,391 Problem 13-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
![Required information
Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3
(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
$ 442,035
$ 338,635
212,324
126, 311
$ 235,000
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
266, 105
150,400
175,930
62,769
39,783
102,552
73,378
13,648
$ 59,730
84,600
31,020
46,732
29,800
76,532
49,779
19,505
50,525
34,075
Income tax expense
10, 205
6,917
Net income
$ 39,574
$ 27,158
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021
2020
2019
Assets
Current assets
$ 55,578
$ 37, 199
$ 49,726
Long-term investments
Plant assets, net
900
4,570
56,095
104,820
$ 160,398
95,143
Total assets
$ 133, 242
$ 110,391
Liabilities and Equity
Current liabilities
$ 19,853
$ 23,418
68,000
8,500
60,480
$ 19,318
Common stock
Other paid-in capital
Retained earnings
68, 000
8,500
36,889
50,000
5,556
35,517
Total liabilities and equity
$ 160,398
$ 133, 242
$ 110,391
Problem 13-2A (Algo) Part 2
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to
decimal places.)
KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2021, 2020, and 2019
2021
2020
2019
Sales
%
%
%
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
%
%
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Transcribed Image Text:Required information
Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3
(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
$ 442,035
$ 338,635
212,324
126, 311
$ 235,000
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
266, 105
150,400
175,930
62,769
39,783
102,552
73,378
13,648
$ 59,730
84,600
31,020
46,732
29,800
76,532
49,779
19,505
50,525
34,075
Income tax expense
10, 205
6,917
Net income
$ 39,574
$ 27,158
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021
2020
2019
Assets
Current assets
$ 55,578
$ 37, 199
$ 49,726
Long-term investments
Plant assets, net
900
4,570
56,095
104,820
$ 160,398
95,143
Total assets
$ 133, 242
$ 110,391
Liabilities and Equity
Current liabilities
$ 19,853
$ 23,418
68,000
8,500
60,480
$ 19,318
Common stock
Other paid-in capital
Retained earnings
68, 000
8,500
36,889
50,000
5,556
35,517
Total liabilities and equity
$ 160,398
$ 133, 242
$ 110,391
Problem 13-2A (Algo) Part 2
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to
decimal places.)
KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2021, 2020, and 2019
2021
2020
2019
Sales
%
%
%
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
%
%
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