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 $ 402,346 $ 308,230 242,212 $ 213,900 194,493 136,896 Gross profit 160,134 113,737 77,004 Selling expenses 57,133 42,536 28,235 Administrative expenses 36,211 27,124 17,754 Total expenses 93,344 69,660 45,989 Income before taxes Income tax expense 66,790 44,077 31,015 12,423 9,036 6,296 Net income $ 54,367 $ 35,041 $ 24,719 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 180,932 2021 $ 63,959 116,973 0 2020 $ 42,808 800 106,691 $ 180,932 $ 150,299 $ 26,416 65,000 8,125 81,391 $ 22,395 65,000 8,125 54,779 2019 $ 57,225 4,400 62,898 $ 124,523 $ 21,792 47,000 5,222 50,509 $ 124,523 $ 150,299 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses. Total expenses Income before taxes Income tax expense Net income 2021 % 2020 2019 % % % % %
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 $ 402,346 $ 308,230 242,212 $ 213,900 194,493 136,896 Gross profit 160,134 113,737 77,004 Selling expenses 57,133 42,536 28,235 Administrative expenses 36,211 27,124 17,754 Total expenses 93,344 69,660 45,989 Income before taxes Income tax expense 66,790 44,077 31,015 12,423 9,036 6,296 Net income $ 54,367 $ 35,041 $ 24,719 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 180,932 2021 $ 63,959 116,973 0 2020 $ 42,808 800 106,691 $ 180,932 $ 150,299 $ 26,416 65,000 8,125 81,391 $ 22,395 65,000 8,125 54,779 2019 $ 57,225 4,400 62,898 $ 124,523 $ 21,792 47,000 5,222 50,509 $ 124,523 $ 150,299 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses. Total expenses Income before taxes Income tax expense Net income 2021 % 2020 2019 % % % % %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
$ 402,346 $ 308,230
242,212
$ 213,900
194,493
136,896
Gross profit
160,134
113,737
77,004
Selling expenses
57,133
42,536
28,235
Administrative expenses
36,211
27,124
17,754
Total expenses
93,344
69,660
45,989
Income before taxes
Income tax expense
66,790
44,077
31,015
12,423
9,036
6,296
Net income
$ 54,367
$ 35,041
$ 24,719
KORBIN COMPANY
Comparative Balance Sheets
December 31
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
Current liabilities
Liabilities and Equity
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
$ 180,932
2021
$ 63,959
116,973
0
2020
$ 42,808
800
106,691
$ 180,932
$ 150,299
$ 26,416
65,000
8,125
81,391
$ 22,395
65,000
8,125
54,779
2019
$ 57,225
4,400
62,898
$ 124,523
$ 21,792
47,000
5,222
50,509
$ 124,523
$ 150,299](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe18c4c3e-fff6-4ff0-8265-a5151c1bba12%2Fe510fbb1-4e9c-48c3-974e-912673b63399%2Frpxxtjr_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
$ 402,346 $ 308,230
242,212
$ 213,900
194,493
136,896
Gross profit
160,134
113,737
77,004
Selling expenses
57,133
42,536
28,235
Administrative expenses
36,211
27,124
17,754
Total expenses
93,344
69,660
45,989
Income before taxes
Income tax expense
66,790
44,077
31,015
12,423
9,036
6,296
Net income
$ 54,367
$ 35,041
$ 24,719
KORBIN COMPANY
Comparative Balance Sheets
December 31
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
Current liabilities
Liabilities and Equity
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
$ 180,932
2021
$ 63,959
116,973
0
2020
$ 42,808
800
106,691
$ 180,932
$ 150,299
$ 26,416
65,000
8,125
81,391
$ 22,395
65,000
8,125
54,779
2019
$ 57,225
4,400
62,898
$ 124,523
$ 21,792
47,000
5,222
50,509
$ 124,523
$ 150,299
Transcribed Image Text:2. Complete the below table to calculate income statement data in common-size percents.
Note: Round your percentage answers to 2 decimal places.
KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2021, 2020, and 2019
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses.
Total expenses
Income before taxes
Income tax expense
Net income
2021
%
2020
2019
%
%
%
%
%
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