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Business
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Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2821 $ 468,557 282,871 zeze $ 358,953 2019 $ 149,100 159,424 227,576 186,486 131,377 89,676 66,535 49,536 32,881 42,170 31,588 20,675 108,705 81,124 53,556 77,781 50.253 36,128 14,467 10,302 $ 63,314 $ 39,951 $ 28,788 7,332 Assets Current assets Long-term investments KORBIN COMPANY Comparative Balance Sheets December 31 2821 2020 2019 $ 56,255 B 182,883 $159,138 $ 37,652 1,100 93,443 $ 132,195 $ 50,332 3,138 56,862 $ 100,524 Plant assets, ret Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital $ 23,234 70,000 8,750 57,154 Retained earnings Total liabilities and equity $ 159,138 $ 19,697 70,000 $ 19,167 52,808 5,778 32,579 8,750 33,748 $132,195 $ 109,524 Problem 17-2A (Algo) Part 2 Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 96 2020 2013

Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2821 $ 468,557 282,871 zeze $ 358,953 2019 $ 149,100 159,424 227,576 186,486 131,377 89,676 66,535 49,536 32,881 42,170 31,588 20,675 108,705 81,124 53,556 77,781 50.253 36,128 14,467 10,302 $ 63,314 $ 39,951 $ 28,788 7,332 Assets Current assets Long-term investments KORBIN COMPANY Comparative Balance Sheets December 31 2821 2020 2019 $ 56,255 B 182,883 $159,138 $ 37,652 1,100 93,443 $ 132,195 $ 50,332 3,138 56,862 $ 100,524 Plant assets, ret Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital $ 23,234 70,000 8,750 57,154 Retained earnings Total liabilities and equity $ 159,138 $ 19,697 70,000 $ 19,167 52,808 5,778 32,579 8,750 33,748 $132,195 $ 109,524 Problem 17-2A (Algo) Part 2 Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 96 2020 2013

FINANCIAL ACCOUNTING
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 2021 2028 2019 Sales $ 468,557 $ 358,953 $ 249,100 Cost of goods sold 282,871 227,576 159,424 Gross profit 186,486 131,377 89,676 Selling expenses 66,535 49,536 32,881 Administrative expenses 42,170 31,588 20,675 Total expenses 108,705 81,124 53,556 Income before taxes Income tax expense Net income 77,781 50,253 36,120 14,467 10,302 7,332 $ 63,314 $ 39,951 $28,788 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Common stock KORBIN COMPANY Comparative Balance Sheets December 31 2921 2020 2019 $ 56,255 102,883 $ 159,138 $ 132,195 $ 37,652 1,100 93,443 $ 50,332 3,130 56,862 $ 100,524 Current liabilities Other paid-in capital Retained earnings $ 23,234 70,000 8,750 57,154 $ 19,697 70,000 Total liabilities and equity $ 159,138 8,750 33,748 $132,195 $ 19,167 52,800 5,778 32,579 $ 109,524 Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 96 2020 2013 9 56 % % 56
Transcribed Image Text:Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2028 2019 Sales $ 468,557 $ 358,953 $ 249,100 Cost of goods sold 282,871 227,576 159,424 Gross profit 186,486 131,377 89,676 Selling expenses 66,535 49,536 32,881 Administrative expenses 42,170 31,588 20,675 Total expenses 108,705 81,124 53,556 Income before taxes Income tax expense Net income 77,781 50,253 36,120 14,467 10,302 7,332 $ 63,314 $ 39,951 $28,788 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Common stock KORBIN COMPANY Comparative Balance Sheets December 31 2921 2020 2019 $ 56,255 102,883 $ 159,138 $ 132,195 $ 37,652 1,100 93,443 $ 50,332 3,130 56,862 $ 100,524 Current liabilities Other paid-in capital Retained earnings $ 23,234 70,000 8,750 57,154 $ 19,697 70,000 Total liabilities and equity $ 159,138 8,750 33,748 $132,195 $ 19,167 52,800 5,778 32,579 $ 109,524 Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 96 2020 2013 9 56 % % 56
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