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Selected comparative financial statements of Korbin Company follow.   KORBIN COMPANY Comparative Income Statements For Years Ended December 31   2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226   KORBIN COMPANY Comparative Balance Sheets December 31   2021 2020 2019 Assets       Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity       Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666 45,391 Total liabilities and equity $ 173,875 $ 144,437 $ 119,666 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.)

Selected comparative financial statements of Korbin Company follow.   KORBIN COMPANY Comparative Income Statements For Years Ended December 31   2021 2020 2019 Sales $ 508,246 $ 389,358 $ 270,200 Cost of goods sold 305,964 246,853 172,928 Gross profit 202,282 142,505 97,272 Selling expenses 72,171 53,731 35,666 Administrative expenses 45,742 34,264 22,427 Total expenses 117,913 87,995 58,093 Income before taxes 84,369 54,510 39,179 Income tax expense 15,693 11,175 7,953 Net income $ 68,676 $ 43,335 $ 31,226   KORBIN COMPANY Comparative Balance Sheets December 31   2021 2020 2019 Assets       Current assets $ 60,248 $ 40,324 $ 53,904 Long-term investments 0 1,000 3,350 Plant assets, net 113,627 103,113 62,412 Total assets $ 173,875 $ 144,437 $ 119,666 Liabilities and Equity       Current liabilities $ 25,386 $ 21,521 $ 20,942 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 74,239 48,666 45,391 Total liabilities and equity $ 173,875 $ 144,437 $ 119,666 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.)

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 2020 2019
Sales $ 508,246 $ 389,358 $ 270,200
Cost of goods sold 305,964 246,853 172,928
Gross profit 202,282 142,505 97,272
Selling expenses 72,171 53,731 35,666
Administrative expenses 45,742 34,264 22,427
Total expenses 117,913 87,995 58,093
Income before taxes 84,369 54,510 39,179
Income tax expense 15,693 11,175 7,953
Net income $ 68,676 $ 43,335 $ 31,226

 

KORBIN COMPANY
Comparative Balance Sheets
December 31
  2021 2020 2019
Assets      
Current assets $ 60,248 $ 40,324 $ 53,904
Long-term investments 0 1,000 3,350
Plant assets, net 113,627 103,113 62,412
Total assets $ 173,875 $ 144,437 $ 119,666
Liabilities and Equity      
Current liabilities $ 25,386 $ 21,521 $ 20,942
Common stock 66,000 66,000 48,000
Other paid-in capital 8,250 8,250 5,333
Retained earnings 74,239 48,666 45,391
Total liabilities and equity $ 173,875 $ 144,437 $ 119,666

3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.)

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 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % % % % 2020 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
Transcribed Image Text: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 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % % % % 2020 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
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