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Problem 17-2A (Algo) Ratios, common-size statements, and trend percer [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Administrative expenses Total expenses Income before taxes Income tax expense Net income 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 Problem 17-2A (Algo) Part 2 2021 2020 $ 546,242 $ 418,466 328,838 263,634 154,832 57,748 36,825 94,573 60,259 12,353 $ 47,906 KORBIN COMPANY Comparative Balance Sheets December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 2021 % $61,141 % 0 113,547 $ 174,688 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2020 $ 25,504 71,000 8,875 69,309 $ 21,622 71,000 8,875 43,616 $ 174,688 $ 145,113 % 2019 $ 290,400 185,856 104,544 38,333 24,103 62,436 42,108 8,548 $ 33,560 $ 40,922 800 103,391 $ 145,113 2 Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. % 2019 2019 $ 54,703 3,490 62,033 $ 120,226 $ 21,040 53,000 5,889 40,297 $ 120,226 % %

Problem 17-2A (Algo) Ratios, common-size statements, and trend percer [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Administrative expenses Total expenses Income before taxes Income tax expense Net income 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 Problem 17-2A (Algo) Part 2 2021 2020 $ 546,242 $ 418,466 328,838 263,634 154,832 57,748 36,825 94,573 60,259 12,353 $ 47,906 KORBIN COMPANY Comparative Balance Sheets December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 2021 % $61,141 % 0 113,547 $ 174,688 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2020 $ 25,504 71,000 8,875 69,309 $ 21,622 71,000 8,875 43,616 $ 174,688 $ 145,113 % 2019 $ 290,400 185,856 104,544 38,333 24,103 62,436 42,108 8,548 $ 33,560 $ 40,922 800 103,391 $ 145,113 2 Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. % 2019 2019 $ 54,703 3,490 62,033 $ 120,226 $ 21,040 53,000 5,889 40,297 $ 120,226 % %

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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Problem 17-2A (Algo) Ratios, common-size statements, and trend percer [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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 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 $546,242 328,838 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 418,466 263,634 2021 % 154,832 57,748 36,825 94,573 60, 259 12,353 $ 47,906 % $61,141 0 113,547 $ 174,688 $ 25,504 71,000 8,875 69,309 $ 21,622 71,000 8,875 43,616 $ 174,688 $ 145,113 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2020 % 2019 $ 290,400 185,856 $ 40,922 800 103,391 $ 145,113 % Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. 104,544 38,333 24,103 62,436 42,108 8,548 $ 33,560 2019 2019 $ 54,703 3,490 62,033 $ 120,226 $ 21,040 53,000 5,889 40,297 $ 120,226 % %
Transcribed Image Text:Problem 17-2A (Algo) Ratios, common-size statements, and trend percer [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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 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 $546,242 328,838 217,404 77,566 49,162 126,728 90,676 16,866 $ 73,810 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 418,466 263,634 2021 % 154,832 57,748 36,825 94,573 60, 259 12,353 $ 47,906 % $61,141 0 113,547 $ 174,688 $ 25,504 71,000 8,875 69,309 $ 21,622 71,000 8,875 43,616 $ 174,688 $ 145,113 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2020 % 2019 $ 290,400 185,856 $ 40,922 800 103,391 $ 145,113 % Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. 104,544 38,333 24,103 62,436 42,108 8,548 $ 33,560 2019 2019 $ 54,703 3,490 62,033 $ 120,226 $ 21,040 53,000 5,889 40,297 $ 120,226 % %
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 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 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % % % % 2020 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
Transcribed Image Text: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 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 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % % % % 2020 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
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