Problem 13-2A (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 COMPANYComparative Income StatementsFor Years Ended December 31202120202019$ 442,035266,105175,93062,76939,783$ 338,635212,324126,31146,73229,80076,53249,77910, 205Sales$ 235,000Cost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxes150,40084,60031,02019,50550,52534,075102,55273,37813,648Income tax expense6,917Net income$ 59,730$ 39,574$ 27,158KORBIN COMPANYComparative Balance SheetsDecember 31202120202019Assets$ 55,578$ 37,199$ 49,7264,57056,095Current assetsLong-term investmentsPlant assets, net900104,82095,143Total assets$ 160,398$ 133,242$ 110,391Liabilities and Equity$ 19,318$ 23,41868,0008,50060, 480Current liabilities$ 19,853Common stock68, 0008,50036, 889$ 133, 24250,000Other paid-in capitalRetained earnings5,55635,517Total liabilities and equity$ 160,398$ 110,391Problem 13-2A (Algo) Part 22. Complete the below table to calculate income statement data in common-size percents. (Round your percentagdecimal places.)KORBIN COMPANYCommon-Size Comparative Income StatementsFor Years Ended December 31, 2021, 2020, and 2019202120202019Sales%%Cost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome tax expenseNet income%%..

Income statement: The income statement determines the net income of the business by subtracting the…

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 $ 442,035 266,105 $ 338,635 212,324 $ 235,000 150,400 Sales Cost of goods sold

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 $ 442,035 266,105 $ 338,635 212,324 $ 235,000 150,400 Sales Cost of goods sold

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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Subject: accounting
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