S 5. What is the gain or loss on purchasing power for 2021? (if LOSS, put a negative (-) sign before the numerical value) The following information pertains to BLACK PANTHER Company for the year ended December 31, 2021: Net monetary assets 880,000 Sales 3,900,000 Purchases 2,340,000 Expense 975,000 Income tax 585,000 Cash dividends -paid Dec. 31, 2021 200,000 Selected general price index numbers for 2021 are: January 1 110 December 31 280 Average 195

S 5. What is the gain or loss on purchasing power for 2021? (if LOSS, put a negative (-) sign before the numerical value) The following information pertains to BLACK PANTHER Company for the year ended December 31, 2021: Net monetary assets 880,000 Sales 3,900,000 Purchases 2,340,000 Expense 975,000 Income tax 585,000 Cash dividends -paid Dec. 31, 2021 200,000 Selected general price index numbers for 2021 are: January 1 110 December 31 280 Average 195

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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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31. 2020 $ 487,179 $ 373,219 2021 293,282 236,621 193,897 69,179 43,846 113,025 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 84,347 80,872 52,251 15,042 10,711 $ 65,830 $ 41,540 KORBIN COMPANY Comparative Balance Sheets December 31 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 136,598 51,504 32,843 2021 2020 2019 $ 259,000 165,760 93,240 34,188 21,497 55,685 37,555 7,624 $ 29,931 $ 64,678 116,492 0 $ 43,289 900 106,308 $ 181,170 $ 150,497 $ 26,451 66,000 8,250 80,469 $ 22,424 66,000 8,250 53,823 $ 181,170 $ 150,497 2019 $ 57,867 4,860 61,960 $ 124,687 $ 21,820 48,000 5,333 49,534 $ 124,687
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