[The following information applies to the questions displayed below.] 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 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Long-term investments Plant assets, net Total assets 2021 2020 $ 445,985 $ 341,661 268,483 216,271 125,390 Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings. Total liabilities and equity Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 177,502 63,330 40,139 103,469 74,033 13,770 KORBIN COMPANY Comparative Balance Sheets December 31 47,149 30,066 77,215 48,175 9,876 $ 60,263 $ 38,299 2021 % $ 58,445 0 % $ 24,626 70,000 2020 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 110,227 $ 168,672 $ 140,115 2019 $ 237,100 151,744 $ 20,877 70,000 8,750 40,488 8,750 65,296 $ 168,672 $ 140,115 % $ 39,117 1,100 99,898 % 50,976 34,380 6,979 $ 27,401 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to decimal places.) 85,356 31,297 19,679 2019 2019 $ 52,290 3,880 59,915 $ 116,085 $ 20,315 52,000 5,778 37,992 $ 116,085 %
[The following information applies to the questions displayed below.] 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 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Long-term investments Plant assets, net Total assets 2021 2020 $ 445,985 $ 341,661 268,483 216,271 125,390 Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings. Total liabilities and equity Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 177,502 63,330 40,139 103,469 74,033 13,770 KORBIN COMPANY Comparative Balance Sheets December 31 47,149 30,066 77,215 48,175 9,876 $ 60,263 $ 38,299 2021 % $ 58,445 0 % $ 24,626 70,000 2020 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 110,227 $ 168,672 $ 140,115 2019 $ 237,100 151,744 $ 20,877 70,000 8,750 40,488 8,750 65,296 $ 168,672 $ 140,115 % $ 39,117 1,100 99,898 % 50,976 34,380 6,979 $ 27,401 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to decimal places.) 85,356 31,297 19,679 2019 2019 $ 52,290 3,880 59,915 $ 116,085 $ 20,315 52,000 5,778 37,992 $ 116,085 %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[The following information applies to the questions displayed below.]
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
Comparative Income Statements
For Years Ended December 31
Long-term investments
Plant assets, net
Total assets
KORBIN COMPANY
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
2021
$ 445,985
268,483
177,502
63,330
40,139
103,469
74,033
13,770
$ 60,263
KORBIN COMPANY
Comparative Balance Sheets
December 31
2020
$ 341,661
216,271
125,390
47,149
30,066
2021
%
77,215
48,175
9,876
$ 38,299
%
$ 58,445
0
KORBIN COMPANY
110,227
$ 168,672
$ 24,626
70,000
8,750
65,296
2020
Common-Size Comparative Income Statements
For Years Ended December 31, 2021, 2020, and 2019
2021
2020
$ 39,117
1,100
99,898
$ 140,115
2019
$ 237,100
151,744
85,356
31,297
19,679
%
50,976
34,380
6,979
$ 27,401
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2
decimal places.)
%
$ 20,877
70,000
8,750
40,488
5,778
37,992
$ 168,672 $ 140,115 $ 116,085
2019
$ 52,290
3,880
59,915
$ 116,085
2019
$ 20,315
52,000
%
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c31f947-5848-48a2-943b-5d3c9bff6f43%2F304c94c2-05de-4216-995b-9d08eda46485%2Fzhwu25n_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
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
Comparative Income Statements
For Years Ended December 31
Long-term investments
Plant assets, net
Total assets
KORBIN COMPANY
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
2021
$ 445,985
268,483
177,502
63,330
40,139
103,469
74,033
13,770
$ 60,263
KORBIN COMPANY
Comparative Balance Sheets
December 31
2020
$ 341,661
216,271
125,390
47,149
30,066
2021
%
77,215
48,175
9,876
$ 38,299
%
$ 58,445
0
KORBIN COMPANY
110,227
$ 168,672
$ 24,626
70,000
8,750
65,296
2020
Common-Size Comparative Income Statements
For Years Ended December 31, 2021, 2020, and 2019
2021
2020
$ 39,117
1,100
99,898
$ 140,115
2019
$ 237,100
151,744
85,356
31,297
19,679
%
50,976
34,380
6,979
$ 27,401
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2
decimal places.)
%
$ 20,877
70,000
8,750
40,488
5,778
37,992
$ 168,672 $ 140,115 $ 116,085
2019
$ 52,290
3,880
59,915
$ 116,085
2019
$ 20,315
52,000
%
%
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