Required Information. Problem 17-2A (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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 $ 396,891 238.928 2020 $ 304,051 2019 $ 211,000 190,336 135,040 157,963 113,715 75,968 56,359 41,959 27,852 35,720 26,756 17,513 92,079 68,715 45.365 65,884 45,000 30,595 12,254 9,225 6,211 $ 53,630 $ 35,775 24,384 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets Long-term investments Plant assets, net $ 61,460 B 117,725 Total assets $ 179,185 $ 148,848 $ 41,136 1.000 106,712 $ $4,989 3.260 65,072 5 123 321 Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings $ 26,161 71,000 8,875 73,149 $ 22,178 71.000 8,875 46,795 $ 21,581 53,000 5.889 42,851 Total liabilities and equity $ 179,185 $ 148,848 $ 123,321 Problem 17-2A (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. KORBIN COMPANY Balance Sheet Data In Trend Percente December 31, 2021, 2020 and 2015 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity 2021 2020 2019 100.00 % 100.00 100.00 100.00% Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 100.00 100.00 100.00 100.00%
Required Information. Problem 17-2A (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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 $ 396,891 238.928 2020 $ 304,051 2019 $ 211,000 190,336 135,040 157,963 113,715 75,968 56,359 41,959 27,852 35,720 26,756 17,513 92,079 68,715 45.365 65,884 45,000 30,595 12,254 9,225 6,211 $ 53,630 $ 35,775 24,384 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets Long-term investments Plant assets, net $ 61,460 B 117,725 Total assets $ 179,185 $ 148,848 $ 41,136 1.000 106,712 $ $4,989 3.260 65,072 5 123 321 Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings $ 26,161 71,000 8,875 73,149 $ 22,178 71.000 8,875 46,795 $ 21,581 53,000 5.889 42,851 Total liabilities and equity $ 179,185 $ 148,848 $ 123,321 Problem 17-2A (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. KORBIN COMPANY Balance Sheet Data In Trend Percente December 31, 2021, 2020 and 2015 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity 2021 2020 2019 100.00 % 100.00 100.00 100.00% Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 100.00 100.00 100.00 100.00%
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
Related questions
Question
![Required Information.
Problem 17-2A (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
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
2021
$ 396,891
238.928
2020
$ 304,051
2019
$ 211,000
190,336
135,040
157,963
113,715
75,968
56,359
41,959
27,852
35,720
26,756
17,513
92,079
68,715
45.365
65,884
45,000
30,595
12,254
9,225
6,211
$ 53,630
$ 35,775
24,384
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021
2020
2019
Assets
Current assets
Long-term investments
Plant assets, net
$ 61,460
B
117,725
Total assets
$ 179,185
$ 148,848
$ 41,136
1.000
106,712
$ $4,989
3.260
65,072
5 123 321
Current liabilities
Liabilities and Equity
Common stock
Other paid-in capital
Retained earnings
$ 26,161
71,000
8,875
73,149
$ 22,178
71.000
8,875
46,795
$ 21,581
53,000
5.889
42,851
Total liabilities and equity
$ 179,185
$ 148,848
$ 123,321
Problem 17-2A (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.
KORBIN COMPANY
Balance Sheet Data In Trend Percente
December 31, 2021, 2020 and 2015
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity
2021
2020
2019
100.00 %
100.00
100.00
100.00%
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
100.00
100.00
100.00
100.00
100.00%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff1109ebc-719d-458c-ac92-3b1ff3959369%2F74262f58-6fbe-49f9-b8d9-477aaba30836%2F7d3eo09_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Required Information.
Problem 17-2A (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
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
2021
$ 396,891
238.928
2020
$ 304,051
2019
$ 211,000
190,336
135,040
157,963
113,715
75,968
56,359
41,959
27,852
35,720
26,756
17,513
92,079
68,715
45.365
65,884
45,000
30,595
12,254
9,225
6,211
$ 53,630
$ 35,775
24,384
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021
2020
2019
Assets
Current assets
Long-term investments
Plant assets, net
$ 61,460
B
117,725
Total assets
$ 179,185
$ 148,848
$ 41,136
1.000
106,712
$ $4,989
3.260
65,072
5 123 321
Current liabilities
Liabilities and Equity
Common stock
Other paid-in capital
Retained earnings
$ 26,161
71,000
8,875
73,149
$ 22,178
71.000
8,875
46,795
$ 21,581
53,000
5.889
42,851
Total liabilities and equity
$ 179,185
$ 148,848
$ 123,321
Problem 17-2A (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.
KORBIN COMPANY
Balance Sheet Data In Trend Percente
December 31, 2021, 2020 and 2015
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity
2021
2020
2019
100.00 %
100.00
100.00
100.00%
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
100.00
100.00
100.00
100.00
100.00%
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