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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 KORBIN COMPANY Comparative Balance Sheets December 31 2020 $380,856 241,844 139,012 52,558 33,515 86,073 2021 52,939 10,853 $ 42,086 $62,947 0 115,120 $ 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 KORBIN COMPANY Comparative Balance Sheets December 31 2020 $380,856 241,844 139,012 52,558 33,515 86,073 2021 52,939 10,853 $ 42,086 $62,947 0 115,120 $ 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
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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 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
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 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 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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