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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 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 2021 $ 497,148 299,283 197,865 70,595 44,743 115,338 82,527 15,350 $ 67,177 Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $380,856 2021 KORBIN COMPANY Comparative Balance Sheets December 31 86,073 52,939 10,853 $ 42,086 $ 62,947 0 241,844 139,012 52,558 33,515 115,120 $ 178,067 $25,998 72,000 9,000 71,069 $ 178,067 2020 2019 $264,300 169,152 95,148 34,888 21,937 56,825 38,323 7,780 $ 30,543 $42,130 800 104,989 $147,919 " $ 22,040 72,000 9,000 44,879 $147,919 2019 $ 56,318 3,240 62,993 $ 122,551 $21,446 54,000 6,000 41,105 $ 122,551

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 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 2021 $ 497,148 299,283 197,865 70,595 44,743 115,338 82,527 15,350 $ 67,177 Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $380,856 2021 KORBIN COMPANY Comparative Balance Sheets December 31 86,073 52,939 10,853 $ 42,086 $ 62,947 0 241,844 139,012 52,558 33,515 115,120 $ 178,067 $25,998 72,000 9,000 71,069 $ 178,067 2020 2019 $264,300 169,152 95,148 34,888 21,937 56,825 38,323 7,780 $ 30,543 $42,130 800 104,989 $147,919 " $ 22,040 72,000 9,000 44,879 $147,919 2019 $ 56,318 3,240 62,993 $ 122,551 $21,446 54,000 6,000 41,105 $ 122,551

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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(a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? O Yes O No (b) Did income as a percent of sales improve in the most recent year compared to the prior year? O Yes O No (c) Did plant assets grow over this period? O Yes O No
Transcribed Image Text:(a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? O Yes O No (b) Did income as a percent of sales improve in the most recent year compared to the prior year? O Yes O No (c) Did plant assets grow over this period? O Yes O No
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 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 2021 $ 497,148 299,283 Common stock Other paid-in capital Retained earnings Total liabilities and equity 197,865 70,595 44,743 115,338 82,527 15,350 $ 67,177 KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 380,856 241,844 139,012 52,558 33,515 86,073 52,939 10,853 $ 42,086 2021 $ 62,947 0 115,120 $ 178,067 2020 2019 $ 264,300 169,152 95,148 34,888 21,937 56,825 38,323 7,780 $30,543 $ 42,130 800 104,989 $147,919 & 2019 $ 56,318 3,240 62,993 $ 122,551 $25,998 $ 22,040 $ 21,446 72,000 54,000 72,000 9,000 9,000 6,000 71,069 44,879 41,105 $ 178,067 $ 147,919 $ 122,551 HEAN
Transcribed Image Text: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 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 2021 $ 497,148 299,283 Common stock Other paid-in capital Retained earnings Total liabilities and equity 197,865 70,595 44,743 115,338 82,527 15,350 $ 67,177 KORBIN COMPANY Comparative Balance Sheets December 31 2020 $ 380,856 241,844 139,012 52,558 33,515 86,073 52,939 10,853 $ 42,086 2021 $ 62,947 0 115,120 $ 178,067 2020 2019 $ 264,300 169,152 95,148 34,888 21,937 56,825 38,323 7,780 $30,543 $ 42,130 800 104,989 $147,919 & 2019 $ 56,318 3,240 62,993 $ 122,551 $25,998 $ 22,040 $ 21,446 72,000 54,000 72,000 9,000 9,000 6,000 71,069 44,879 41,105 $ 178,067 $ 147,919 $ 122,551 HEAN
Expert Solution
Step 1: Introduction:

Income statement is a financial statement that records all the income and expenses of the business and helps to determine the net income.

A balance sheet is the financial statement that records all the assets, liabilities and stockholders' equity of the business.

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