Problem 17-2A Part 33. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round yourpercentage answers to 2 decimal places.)KORBIN COMPANYBalance Sheet Data in Trend PercentsDecember 31, 2017, 2016 and 2015201720162015AssetsCurrent assets100.00 %Long-term investments100.00Plant assets, net100.00Total assets100.00 %Liabilities and EquityCurrent liabilities100.00 %Common stock100.00Other paid-in capital100.00Retained earnings100.00Total liabilities and equity%100.00 % 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

Trend analysis is very important technique for analysing financial statements. Under this analysis,…

Problem 17-2A Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017, 2016 and 2015 2017 2016 2015 Assets Current assets 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets 100.00 % Liabilities and Equity Current liabilities 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity 100.00 %

Problem 17-2A Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017, 2016 and 2015 2017 2016 2015 Assets Current assets 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets 100.00 % Liabilities and Equity Current liabilities 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity 100.00 %

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 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, 2017, 2016, and 2015 2017 2016 2015 $ 396,891 238,928 157,963 56,359 $ 304,051 191,248 112,803 41,959 26,756 $ 211,000 135,040 75,960 27,852 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses 35,720 92,079 65,884 12,254 17,513 45,365 30,595 Total expenses 68,715 44,088 9,038 Income before taxes Income taxes 6,211 Net income $ 53,630 $ 35,050 $ 24,384 KORBIΝ COMPΑNY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets $ 49,213 $ 38,503 1,200 95,481 Current assets $ 51,470 Long-term investments 4,100 90,003 $ 139,216 56,430 $ 112,000 Plant assets, net Total assets $ 135,184 Liabilities and Equity $ 20,326 67,000 8,375 43,515 20,142 67,000 8,375…
Current Attempt in Progress Here is financial information for Crane Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings December 31, 2025 $108,600 404,500 103,500 124,600 132,600 152,400 December 31, 2024 $94,500 352,600 67,600 94,500 117,600 167,400 Prepare a schedule showing a horizontal analysis for 2025, using 2024 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.)
Current Position Analysis The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $446,900 $372,400 Marketable securities 517,400 419,000 Accounts and notes receivable (net) 211,700 139,600 Inventories 1,071,800 807,000 Prepaid expenses 552,200 516,000 Total current assets $2,800,000 $2,254,000 Current liabilities: Accounts and notes payable (short-term) $324,800 $343,000 Accrued liabilities 235,200 147,000 Total current liabilities $560,000 $490,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital $fill in the blank 1 $fill in the blank 2 2. Current ratio fill in the blank 3 fill in the blank…
Current Position Analysis The following data were taken from the balance sheet of Albertini Company at the end of two recent fiscal years: Current Year Previous Year Current assets: Cash $620,200 $495,600 Marketable securities 718,100 557,600 Accounts and notes receivable (net) 293,700 185,800 Inventories 314,200 179,900 Prepaid expenses 161,800 115,100 Total current assets $2,108,000 $1,534,000 Current liabilities: Accounts and notes payable (short-term) $394,400 $413,000 Accrued liabilities 285,600 177,000 Total current liabilities $680,000 $590,000 a. Determine for each year (1) the working capital, (2) the current ratio, and (3) the quick ratio. Round ratios to one decimal place. Current Year Previous Year 1. Working capital $fill in the blank 1 $fill in the blank 2 2. Current ratio fill in the blank 3 fill in the blank 4…
The comparative current liabilities balances for December 31, end of the year, for a company are provided below. 2016 2015 Current liabilities $180,000 $150,000 Based on this information, what is the percentage of increase or decrease that would be shown in a balance sheet with horizontal analysis? Group of answer choices (20.0%) 2.0% 20.0%
23. Condensed financial data of Novak Company for 2020 and 2019 are presented below. NOVAK COMPANYCOMPARATIVE BALANCE SHEETAS OF DECEMBER 31, 2020 AND 2019 2020 2019 Cash $1,830 $1,180 Receivables 1,710 1,320 Inventory 1,590 1,920 Plant assets 1,890 1,710 Accumulated depreciation (1,220 ) (1,190 ) Long-term investments (held-to-maturity) 1,320 1,440 $7,120 $6,380 Accounts payable $1,190 $890 Accrued liabilities 210 260 Bonds payable 1,400 1,580 Common stock 1,940 1,660 Retained earnings 2,380 1,990 $7,120 $6,380 NOVAK COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,720 Cost of goods sold 4,680 Gross margin 2,040 Selling and administrative expenses 920 Income from operations…
Current Attempt in Progress Suppose McDonald's 2025 financial statements contain the following selected data (in millions). Current assets Total assets Current liabilities Total liabilities (a1) a. b. C. $3,330.0 Compute the following values. d. 30,230.0 3,000.0 15,719.6 Interest expense Income taxes Net income $480.0 1,938.0 4,542.0 Working capital. (Round to 1 decimal place in millions, e.g. 5,275.5.) Current ratio. (Round to 2 decimal places, e.g. 6.25:1.) Debt to assets ratio. (Round to O decimal places, e.g. 62%.) Times interest earned. (Round to 2 decimal places, e.g. 6.25.) $ millions :1 % times
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…
Balance Sheets as of December 31, 2015 and 2016 2015 2016 2015 2016 Assets Liabilities and Owners' Equity Cash Accounts receivable Inventory Net fixed assets 21,900 24,300 Common stock $ 850 $ 1,210 126 Accounts payable 1,370 Short-term notes payable $ 1,080 $ 970 500 0 4,350 4,610 Long-term debt 11,900 13,500 6,000 6,200 Retained earnings Total assets $28,310 $30,406 Total liabilities and owners' equity 8,830 $28,310 $30,406 9,736 2016 Income Statement Sales Cost of goods sold Depreciation Interest Taxes Net income $30,710 18,470 6,132 744 1,824 $ 3,540 What are the values of the three components of the DuPont identity? Use ending balance sheet values. Multiple Choice
Forecast the Balance Sheet Following is the balance sheet for Medtronic PLC for the year ended April 29, 2016. Medtronic plc Consolidated Balance Sheets ($ millions) Apr. 29, 2016 Apr. 24, 2015 Current assets Cash and cash equivalents $2,876 $4,843 Investments 9,758 14,637 Accounts receivable 5,562 5,112 Inventories 3,473 3,463 Tax assets 697 1,335 Prepaid expenses and other current assets 1,234 1,454 Total current assets 23,600 30,844 Property, plant, and equipment, net 4,841 4,699 Goodwill 41,500 40,530 Other intangible assets, net 26,899 28,101 Long-term tax assets 1,383 774 Other assets 1,559 1,737 Total assets $99,782 $106,685 Current liabilities Short-term borrowings $993 $2,434 Accounts payable 1,709 1,610 Accrued compensation 1,712 1,611 Accrued income taxes 566 935 Deferred tax liabilities - 119…
Using a BalanceSheetMOON CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 18,000 Liabilities:Accounts Receivable . . . 26,000 Notes PayableLand . . . . . . . . . . . . . . . . 37,200 (due in 60 days) . . . . . . . . . . . . . $ 12,400Building. . . . . . . . . . . . . . 38,000 Accounts Payable . . . . . . . . . . . . . 9,600Office Equipment . . . . . . 1,200 Total liabilities . . . . . . . . . . . . . . $ 22,000Stockholders’ equity:Capital Stock . . . . . . . . . $60,000Retained Earnings. . . . . 38,400 98,400Total . . . . . . . . . . . . . . . . $120,400 Total . . . . . . . . . . . . . . . . . . . . . . . . . $120,400STAR CORPORATIONBALANCE SHEETJULY 31, 2011Assets Liabilities & Owners’ EquityCash . . . . . . . . . . . . . . . . $ 4,800 Liabilities:Accounts Receivable . . . 9,600 Notes PayableLand . . . . . . . . . . . . . . . . 96,000 (due in 60 days) . . . . . . . . . . . . . $ 22,400Building. . . . . . . . . . . .…
Here is financial information for Carla Vista Inc. Current assets Plant assets (net) Current liabilities Long-term liabilities Common stock, $1 par Retained earnings $ $ $ $ December 31, 2025 2025 $ Prepare a schedule showing a horizontal analysis for 2025, using 2024 as the base year. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) $ CARLA VISTA INC. Condensed Balance Sheets $ $109,200 403,500 102,500 125,200 133,200 $ 151,800 $ December 31, 2024 $93,500 2024 353,200 68,200 93,500 118,200 166,800 $ $ $ $ $ Increase or (Decrease) Amount Percent % % % % % % % % % %