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Selected comparative financial statements of Korbin Company follow. 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 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 $ 442,035 $ 338,635 $ 235,000 266,105 214,695 150,400 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 % $ 25,450 $ 21,576 $ 20,995 72,000 54,000 72,000 9,000 9,000 6,000 67,866 42,228 38,975 Total liabilities and equity $ 174,316 $ 144,804 $ 119,970 % Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) % % KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % % 2021 $ 61,621 0 112,695 $ 174,316 2019 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.) 2020 123,940 46,732 29,800 76,532 47,408 9,719 % % % % % 2020 $ 41,243 $ 55,132 800 102,761 3,580 61,258 $ 144,804 $ 119,970 2019 84,600 31,020 19,505 50,525 34,075 6,917 $ 27,158 100.00 % 100.00 100.00 100.00 % 2019 100.00 % 100.00 100.00 100.00 100.00 %

Selected comparative financial statements of Korbin Company follow. 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 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 $ 442,035 $ 338,635 $ 235,000 266,105 214,695 150,400 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 % $ 25,450 $ 21,576 $ 20,995 72,000 54,000 72,000 9,000 9,000 6,000 67,866 42,228 38,975 Total liabilities and equity $ 174,316 $ 144,804 $ 119,970 % Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) % % KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % % 2021 $ 61,621 0 112,695 $ 174,316 2019 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.) 2020 123,940 46,732 29,800 76,532 47,408 9,719 % % % % % 2020 $ 41,243 $ 55,132 800 102,761 3,580 61,258 $ 144,804 $ 119,970 2019 84,600 31,020 19,505 50,525 34,075 6,917 $ 27,158 100.00 % 100.00 100.00 100.00 % 2019 100.00 % 100.00 100.00 100.00 100.00 %

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 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 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 Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 % % $ 20,995 $ 25,450 72,000 9,000 54,000 6,000 67,866 38,975 Total liabilities and equity $ 174,316 $144,804 $ 119,970 Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) % % 2021 $ 61,621 0 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 112,695 $ 174,316 2020 2019 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.) % % % 2020 % % 2019 $ 235,000 150,400 $ 55,132 3,580 61,258 $ 144,804 $ 119,970 $ 41,243 800 102,761 2019 84,600 31,020 19,505 50,525 34,075 6,917 $ 27,158 $ 21,576 72,000 9,000 42,228 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
Transcribed Image Text:Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 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 Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 % % $ 20,995 $ 25,450 72,000 9,000 54,000 6,000 67,866 38,975 Total liabilities and equity $ 174,316 $144,804 $ 119,970 Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) % % 2021 $ 61,621 0 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 112,695 $ 174,316 2020 2019 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.) % % % 2020 % % 2019 $ 235,000 150,400 $ 55,132 3,580 61,258 $ 144,804 $ 119,970 $ 41,243 800 102,761 2019 84,600 31,020 19,505 50,525 34,075 6,917 $ 27,158 $ 21,576 72,000 9,000 42,228 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
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