Required information[The following information applies to the questions displayed below.]Selected comparative financial statements of Korbin Company follow.KORBIN COMPANYComparative Income StatementsFor Years Ended December 3120212020$ 431,313 $ 330,421259,650SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxes.Income tax expenseNet incomeAssetsCurrent assetsLong-term investmentsPlant assets, netTotal assets171,66361,24638,818100,064Liabilities and EquityCurrent liabilitiesCommon stockOther paid-in capitalRetained earningsTotal liabilities and equityDecember 31209,156121,265KORBIN COMPANYComparative Balance Sheets71,59913,317$ 58,282 $ 37,039202145,59829,07774,67546,5909,551$ 54,7290103,218$ 157,947$2019229,300146,75282,54830,26819,03249,30033,2486,749$ 26,499$ 19,55071,0008,87531,78120192020$36,630$ 48,96670093,876$131,206 $ 108,7044,66055,078$ 19,02353,000$ 23,06071,0008,87555,012$ 157,947. $ 131,206 $ 108,7045,88930,792Chec Current liabilities.Common stockOther paid-in capitalRetained earningsTotal liabilities and equity2. Complete the below table to calculate income statement data in common-size percents.Note: Round your percentage answers to 2 decimal places.SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome tax expenseNet income$ 23,060 $ 19,55071,00071,0008,87555,012KORBIN COMPANYCommon-Size Comparative Income StatementsFor Years Ended December 31, 2021, 2020, and 201920212020%$ 19,02353,0005,8898,87531,78130,792$ 157,947 $ 131,206 $ 108,704%%%2019%%

Under common size income statement every component of income statement is presented as a % of sales.

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 $ 431,313 $330,421 $ 229,300 209, 156 146,752 82,548 30,268 Sales Cost of goods sold. Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 259,650 171,663 61,246 38,818 100,064 121,265 45,598 29,077 74,675 71,599 46,590 13,317 9,551 $ 58,282 $ 37,039 KORBIN COMPANY Comparative Balance Sheets December 31 19,032 49,300 33,248 6,749 $ 26,499

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 $ 431,313 $330,421 $ 229,300 209, 156 146,752 82,548 30,268 Sales Cost of goods sold. Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 259,650 171,663 61,246 38,818 100,064 121,265 45,598 29,077 74,675 71,599 46,590 13,317 9,551 $ 58,282 $ 37,039 KORBIN COMPANY Comparative Balance Sheets December 31 19,032 49,300 33,248 6,749 $ 26,499

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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