! 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 2019 $ 279,900 179, 136 Sales Cost of goods sold $ 526,492 316,948 2020 $ 403,336 252,892 Gross profit 209,544 150,444 100,764 Selling expenses 74,762 55,660 36,947 Administrative expenses 47,384 35,494 23,232 Total expenses 122,146 91,154 60,179 Income before taxes 87,398 59,290 40,585 Income tax expense 16,256 12,155 8,239 Net income $ 71,142 $ 47,135 $ 32,346 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Current liabilities Total assets Liabilities and Equity Common stock Other paid-in capital Retained earnings 8,750 66,994 2021 2020 $ 60,926 0 109,735 $ 40,778 1,000 99,989 $ 170,661 $ 141,767 $ 24,917 $ 21,123 70,000 70,000 2019 $ 54,510 4,700 58,244 $ 117,454 $ 20,554 52,000 5,778 39,122 8,750 41,894 Total liabilities and equity $ 170,661 $ 141,767 $ 117,454 Problem 13-2A (Algo) Part 3 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.
! 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 2019 $ 279,900 179, 136 Sales Cost of goods sold $ 526,492 316,948 2020 $ 403,336 252,892 Gross profit 209,544 150,444 100,764 Selling expenses 74,762 55,660 36,947 Administrative expenses 47,384 35,494 23,232 Total expenses 122,146 91,154 60,179 Income before taxes 87,398 59,290 40,585 Income tax expense 16,256 12,155 8,239 Net income $ 71,142 $ 47,135 $ 32,346 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Current liabilities Total assets Liabilities and Equity Common stock Other paid-in capital Retained earnings 8,750 66,994 2021 2020 $ 60,926 0 109,735 $ 40,778 1,000 99,989 $ 170,661 $ 141,767 $ 24,917 $ 21,123 70,000 70,000 2019 $ 54,510 4,700 58,244 $ 117,454 $ 20,554 52,000 5,778 39,122 8,750 41,894 Total liabilities and equity $ 170,661 $ 141,767 $ 117,454 Problem 13-2A (Algo) Part 3 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.
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
2019
$ 279,900
179, 136
Sales
Cost of goods sold
$ 526,492
316,948
2020
$ 403,336
252,892
Gross profit
209,544
150,444
100,764
Selling expenses
74,762
55,660
36,947
Administrative expenses
47,384
35,494
23,232
Total expenses
122,146
91,154
60,179
Income before taxes
87,398
59,290
40,585
Income tax expense
16,256
12,155
8,239
Net income
$ 71,142
$ 47,135
$ 32,346
KORBIN COMPANY
Comparative Balance Sheets
December 31
Assets
Current assets
Long-term investments
Plant assets, net
Current liabilities
Total assets
Liabilities and Equity
Common stock
Other paid-in capital
Retained earnings
8,750
66,994
2021
2020
$ 60,926
0
109,735
$ 40,778
1,000
99,989
$ 170,661
$ 141,767
$ 24,917 $ 21,123
70,000
70,000
2019
$ 54,510
4,700
58,244
$ 117,454
$ 20,554
52,000
5,778
39,122
8,750
41,894
Total liabilities and equity
$ 170,661
$ 141,767
$ 117,454
Problem 13-2A (Algo) Part 3
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4a53b98e-6462-4f46-8313-3a8c96cbb44b%2F1b02529e-e594-4062-b9c0-0ed61b58aa1b%2F8h3tb5n_processed.png&w=3840&q=75)
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
2019
$ 279,900
179, 136
Sales
Cost of goods sold
$ 526,492
316,948
2020
$ 403,336
252,892
Gross profit
209,544
150,444
100,764
Selling expenses
74,762
55,660
36,947
Administrative expenses
47,384
35,494
23,232
Total expenses
122,146
91,154
60,179
Income before taxes
87,398
59,290
40,585
Income tax expense
16,256
12,155
8,239
Net income
$ 71,142
$ 47,135
$ 32,346
KORBIN COMPANY
Comparative Balance Sheets
December 31
Assets
Current assets
Long-term investments
Plant assets, net
Current liabilities
Total assets
Liabilities and Equity
Common stock
Other paid-in capital
Retained earnings
8,750
66,994
2021
2020
$ 60,926
0
109,735
$ 40,778
1,000
99,989
$ 170,661
$ 141,767
$ 24,917 $ 21,123
70,000
70,000
2019
$ 54,510
4,700
58,244
$ 117,454
$ 20,554
52,000
5,778
39,122
8,750
41,894
Total liabilities and equity
$ 170,661
$ 141,767
$ 117,454
Problem 13-2A (Algo) Part 3
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.
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