Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 510,880 $ 391,376 $ 271,600 Cost of goods sold 307,550 248,524 173,824 Gross profit 203,330 142,852 97,776 Selling expenses 72,545 54,010 35,851 Administrative expenses 45,979 34,441 22,543 Total expenses 118,524 88,451 58,394 Income before taxes 84,806 54,401 39,382 Income tax expense 15,774 11,152 7,995 Net income $ 69,032 $ 43,249 $ 31,387 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 53,905 $ 36,079 $ 48,229 Long-term investments 0 500 3,040 Plant assets, net 101,665 92,652 55,799 Total assets $ 155,570 $ 129,231 $ 107,068 Liabilities and Equity Current liabilities $ 22,713 $ 19,255 $ 18,737 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 56,357 33,476 32,775 Total liabilities and equity $ 155,570 $ 129,231 $ 107,068 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 2021 2020 2019 Sales % % % Cost of goods sold -1 -1 -1 Gross profit Selling expenses -1 -1 -1 Administrative expenses -1 -1 -1 Total expenses Income before taxes -1 -1 -1 Income tax expense -1 -1 -1 Net income % % %

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	$ 510,880	$ 391,376	$ 271,600
Cost of goods sold	307,550	248,524	173,824
Gross profit	203,330	142,852	97,776
Selling expenses	72,545	54,010	35,851
Administrative expenses	45,979	34,441	22,543
Total expenses	118,524	88,451	58,394
Income before taxes	84,806	54,401	39,382
Income tax expense	15,774	11,152	7,995
Net income	$ 69,032	$ 43,249	$ 31,387

KORBIN COMPANY
Comparative Balance Sheets
December 31
	2021	2020	2019
Assets
Current assets	$ 53,905	$ 36,079	$ 48,229
Long-term investments	0	500	3,040
Plant assets, net	101,665	92,652	55,799
Total assets	$ 155,570	$ 129,231	$ 107,068
Liabilities and Equity
Current liabilities	$ 22,713	$ 19,255	$ 18,737
Common stock	68,000	68,000	50,000
Other paid-in capital	8,500	8,500	5,556
Retained earnings	56,357	33,476	32,775
Total liabilities and equity	$ 155,570	$ 129,231	$ 107,068

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
	2021	2020	2019
Sales		%		%	%
Cost of goods sold		-1		-1	-1
Gross profit
Selling expenses		-1		-1	-1
Administrative expenses		-1		-1	-1
Total expenses
Income before taxes		-1		-1	-1
Income tax expense		-1		-1	-1
Net income		%		%	%

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