[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 2021 2020 $ 481,724 $369,040 289,998 233, 233 191,726 68,405 43,355 111,760 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 135,807 50,928 32,476 83,404 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 December 31 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 2019 $ 256,100 163,904 92, 196 2020 $ 37,843 $50,588 800 96,909 4,300 57,417 106,637 $ 163,179 $ 135,552 $ 112,305 $ 56,542 0 33,805 21, 256 55,061 37,135 7,538 $ 29,597 2019 $ 23,824 $ 20,197 $ 19,653 63,000 63,000 45,000 7,875 5,000 68,480 42,652 $ 163,179 $ 135,552 $ 112,305 7,875 44, 480 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places.

[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 2021 2020 $ 481,724 $369,040 289,998 233, 233 191,726 68,405 43,355 111,760 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 135,807 50,928 32,476 83,404 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 December 31 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 2019 $ 256,100 163,904 92, 196 2020 $ 37,843 $50,588 800 96,909 4,300 57,417 106,637 $ 163,179 $ 135,552 $ 112,305 $ 56,542 0 33,805 21, 256 55,061 37,135 7,538 $ 29,597 2019 $ 23,824 $ 20,197 $ 19,653 63,000 63,000 45,000 7,875 5,000 68,480 42,652 $ 163,179 $ 135,552 $ 112,305 7,875 44, 480 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places.

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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