Required information [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 $ $ 467,052 357,800 $ 248,300 281,165 223,625 158,912 185,887 134, 175 66,321 49,376 42,035 31,486 108,356 80,862 77,531 53,313 14,421 10,929 $ 63,110 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 Assets Current assets Long-term investments. Plant assets, net Total assets December 31 2021 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 42,384 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 2020 2019 $ $ 55,209 36,951 400 0 102,530 93,682 $ $ 157,739 131,033 % 89,388 32,776 20,609 53,385 % 36,003 7,309 % $ 28, 694 $ $ $ 23,030 19,524 18,998 64,000 64,000 46,000 5,111 38,452 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. KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 % 8,000 8,000 62,709 39,509 $ $ 157,739 131,033 108,561 2019 $ 49,395 3,640 55,526 $ 108,561 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
Required information [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 $ $ 467,052 357,800 $ 248,300 281,165 223,625 158,912 185,887 134, 175 66,321 49,376 42,035 31,486 108,356 80,862 77,531 53,313 14,421 10,929 $ 63,110 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 Assets Current assets Long-term investments. Plant assets, net Total assets December 31 2021 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 42,384 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 2020 2019 $ $ 55,209 36,951 400 0 102,530 93,682 $ $ 157,739 131,033 % 89,388 32,776 20,609 53,385 % 36,003 7,309 % $ 28, 694 $ $ $ 23,030 19,524 18,998 64,000 64,000 46,000 5,111 38,452 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. KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 % 8,000 8,000 62,709 39,509 $ $ 157,739 131,033 108,561 2019 $ 49,395 3,640 55,526 $ 108,561 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Required information
[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
$
$
467,052 357,800
281,165 223,625
185,887 134, 175
66,321 49,376
42,035
31,486
108,356
80,862
77,531 53,313
14,421 10,929
$
$
63,110
42,384
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
2020
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
December 31
2021
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and
equity
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
2019
$
248,300
158,912
$
$
55,209
36,951
400
0
102,530 93,682
$
$
157,739 131,033
%
89,388
32,776
20,609
53,385
%
36,003
7,309
%
$
28, 694
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.
KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2021, 2020 and 2019
2021
2020
%
$
$
23,030 19,524
64,000 64,000
8,000 8,000
62,709 39,509
5,111
38,452
$
$
$
157,739 131,033 108,561
2019
$
49,395
3,640
55,526
$
108,561
$
18,998
46,000
%
100.00 %
100.00
100.00
% 100.00 %
2019
% 100.00 %
100.00
100.00
%
100.00
100.00 %](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1e2d08ad-6014-42a7-9114-a2bce90f1231%2F9cff558c-2196-47a3-8a77-1e3c9402367a%2F0yukmg_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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
$
$
467,052 357,800
281,165 223,625
185,887 134, 175
66,321 49,376
42,035
31,486
108,356
80,862
77,531 53,313
14,421 10,929
$
$
63,110
42,384
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
2020
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
December 31
2021
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and
equity
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
2019
$
248,300
158,912
$
$
55,209
36,951
400
0
102,530 93,682
$
$
157,739 131,033
%
89,388
32,776
20,609
53,385
%
36,003
7,309
%
$
28, 694
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.
KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2021, 2020 and 2019
2021
2020
%
$
$
23,030 19,524
64,000 64,000
8,000 8,000
62,709 39,509
5,111
38,452
$
$
$
157,739 131,033 108,561
2019
$
49,395
3,640
55,526
$
108,561
$
18,998
46,000
%
100.00 %
100.00
100.00
% 100.00 %
2019
% 100.00 %
100.00
100.00
%
100.00
100.00 %
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