Problem 17-2A 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 COMPANYComparative Income StatementsFor Years Ended December 31, 2017, 2016, and 2015201720162015$ 396,891238,928157,96356,359$ 304,051191,248112,80341,95926,756$ 211,000135,04075,96027,852SalesCost of goods soldGross profitSelling expensesAdministrative expenses35,72092,07965,88412,25417,51345,36530,595Total expenses68,71544,0889,038Income before taxesIncome taxes6,211Net income$ 53,630$ 35,050$24,384KORBIΝ COMPΑNYComparative Balance SheetsDecember 31, 2017, 2016, and 2015201720162015Assets$ 49,213$38,5031,20095,481Current assets$51,470Long-term investments4,10090,003$ 139,21656,430$ 112,000Plant assets, netTotal assets$ 135,184Liabilities and Equity$ 20,32667,0008,37543,51520,14267,0008,37539,667Current liabilities$$19,60049,0005,444Common stockOther paid-in capitalRetained earnings37,956Total liabilities and equity$ 139,216$ 135,184$ 112,000 Problem 17-2A Part 22. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2decimal places.)KORBIN COMPANYCommon-Size Comparative Income StatementsFor Years Ended December 31, 2017, 2016, and 2015201720162015Sales100.00 %100.00 %100.00 %Cost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome taxesNet income%

Common size income statements is very important analysis tool, in which each item presented on the…

Problem 17-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales 100.00 % 100.00 % 100.00 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total exnenses

Problem 17-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales 100.00 % 100.00 % 100.00 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total exnenses

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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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…
Problem 13-2A (Static) Ratios, common-size statements, and trend percents LO P1, P2, P3 Skip to question [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 $ 555,000 $ 340,000 $ 278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense 40,800 10,370 15,670 Net income $ 77,132 $ 40,290 $ 34,830 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 52,390 $ 37,924 $ 51,748 Long-term investments 0 500 3,950 Plant assets, net 100,000 96,000 60,000 Total assets $ 152,390 $ 134,424 $ 115,698 Liabilities…
Cochran corporation, Inc. has the following income statement: Cochran corporation, Inc. Income statement For the year ended December 31, 2021 net sales $240 Cost of goods sold $150 gross profit $90 Operating expenses $65 Net income $25 Using vertical analysis, what percentage is assigned to operating expenses? a. 27,1% b. 43.3% c. 72.2% d. 260.0%
Manero Company included the following information in its annual report: 2018 2017 Sales Cost of goods sold Operating expenses Net income $188,400 115,000 50,000 23,400 $162,500 102,500 50,000 10,000 2016 $150,500 100,000 45,000 5,500 In a common size income statement for 2017, the cost of goods sold are expressed as OA. 115.0% OB. 61.0% OC. 100.0% O D. 63.7%
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