[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 $ 292,600 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $ 550,381 $ 331,329 219,052 78,154 421,637 266,053 187,264 155,584 105,336 58,186 37,104 95,290 38,623 Total expenses 49,534 24.286 Income before taxes 127,688 62,909 91,364 60,294 12,360 Income tax expense 42,427 16,994 8,613 Net income 2$ 74,370 $ 47,934 24 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 Assets 2019 2018 2017 Current assets %24 61,979 24 41,483 24 55,453 Long-term investments Plant assets, net 600 4,440 111,633 102,135 59,592 Total assets $ 173,612 2$ 144,218 2$ 119,485 Liabilities and Equity Current liabilities %24 25,347 21.488 2$ 64,000 8,000 50,730 20,910 46,000 5,111 47,464 Common stock Other paid-in capital Retained earnings 64,000 8,000 76,265 Total liabilities and equity 24 173,612 $ 144,218 $ 119,485 2. Complete the below table to calculate income statement data in common-size percents. (Ro percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % Cost of goods sold -1 -1 -1 Gross profit Selling expenses -1 Administrative expenses Total expenses Income before taxes -1 -1 Income tax expense -1 -1 Net income %
[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 $ 292,600 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $ 550,381 $ 331,329 219,052 78,154 421,637 266,053 187,264 155,584 105,336 58,186 37,104 95,290 38,623 Total expenses 49,534 24.286 Income before taxes 127,688 62,909 91,364 60,294 12,360 Income tax expense 42,427 16,994 8,613 Net income 2$ 74,370 $ 47,934 24 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 Assets 2019 2018 2017 Current assets %24 61,979 24 41,483 24 55,453 Long-term investments Plant assets, net 600 4,440 111,633 102,135 59,592 Total assets $ 173,612 2$ 144,218 2$ 119,485 Liabilities and Equity Current liabilities %24 25,347 21.488 2$ 64,000 8,000 50,730 20,910 46,000 5,111 47,464 Common stock Other paid-in capital Retained earnings 64,000 8,000 76,265 Total liabilities and equity 24 173,612 $ 144,218 $ 119,485 2. Complete the below table to calculate income statement data in common-size percents. (Ro percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % Cost of goods sold -1 -1 -1 Gross profit Selling expenses -1 Administrative expenses Total expenses Income before taxes -1 -1 Income tax expense -1 -1 Net income %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2019, 2018, and 2017
2019
2018
$ 421,637
2017
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
$ 550,381
$ 292,600
331,329
266,053
155,584
187,264
219,052
105,336
78,154
49,534
127,688
58,186
38,623
37,104
95,290
24,286
Income before taxes
62,909
91,364
60,294
12,360
Income tax expense
42,427
16,994
8,613
Net income
$
74,370
24
47,934
33,814
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
Assets
2019
2018
2017
Current assets
24
61,979
24
41,483
$
55,453
4,440
Long-term investments
600
Plant assets, net
111,633
102,135
59,592
Total assets
$
173,612
24
144,218
%2$
119,485
Liabilities and Equity
Current liabilities
2$
25,347
2$
64,000
21,488
2$
64,000
8,000
50,730
20,910
46,000
5,111
Common stock
Other paid-in capital
Retained earnings
8,000
76,265
47,464
Total liabilities and equity
173,612
%24
144,218
2$
119,485
2. Complete the below table to calculate income statement data in common-size percents. (Round your
percentage answers to 2 decimal places.)
KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2019, 2018, and 2017
2019
2018
2017
Sales
%
%
Cost of goods sold
:-
-1
Gross profit
Selling expenses
-1
Administrative expenses
-1
Total expenses
Income before taxes
-1
-1
Income tax expense
-1
-1
Net income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F63434493-74c3-4f36-9f86-8d9f9df84a95%2F74aff9d5-b6b8-46cb-94d6-dbcb1fcead1c%2Fwejnr1x_processed.jpeg&w=3840&q=75)
Transcribed Image Text:[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2019, 2018, and 2017
2019
2018
$ 421,637
2017
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
$ 550,381
$ 292,600
331,329
266,053
155,584
187,264
219,052
105,336
78,154
49,534
127,688
58,186
38,623
37,104
95,290
24,286
Income before taxes
62,909
91,364
60,294
12,360
Income tax expense
42,427
16,994
8,613
Net income
$
74,370
24
47,934
33,814
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
Assets
2019
2018
2017
Current assets
24
61,979
24
41,483
$
55,453
4,440
Long-term investments
600
Plant assets, net
111,633
102,135
59,592
Total assets
$
173,612
24
144,218
%2$
119,485
Liabilities and Equity
Current liabilities
2$
25,347
2$
64,000
21,488
2$
64,000
8,000
50,730
20,910
46,000
5,111
Common stock
Other paid-in capital
Retained earnings
8,000
76,265
47,464
Total liabilities and equity
173,612
%24
144,218
2$
119,485
2. Complete the below table to calculate income statement data in common-size percents. (Round your
percentage answers to 2 decimal places.)
KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2019, 2018, and 2017
2019
2018
2017
Sales
%
%
Cost of goods sold
:-
-1
Gross profit
Selling expenses
-1
Administrative expenses
-1
Total expenses
Income before taxes
-1
-1
Income tax expense
-1
-1
Net income
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