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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…The following are the comparative financial statements for Outland Corporation for 2020 and 2019: OUTLAND CORPORATION Statement of Income For Periods Ending October 31 Sales Revenue Cost of Goods Sold Gross Profit.. 2020 167,500 100,000 67,500 2019 140,000 85,000 55,000 Expenses Depreciation Selling and Administrative Interest Expense. Total Expenses. 15,000 22,500 15,000 15,000 47,500 35,000 Net Income (before taxes). Income Taxes 25,000 10,000 15,000 22,500 7,500 15,000 Net Income OUTLAND CORPORATION Statement of Financial Position As at October 31 2020 2019 Assets Current Assets: 4,000 10,000 35,000 31,000 80,000 Cash. 2,500 7,500 30,000 25,000 65,000 Marketable Securities. Accounts Receivable. Inventory Total Current Assets Investments (at cost).. 30,000 32,500 Property, plant and equipment Property, Plant and Equipment.. Less: Accumulated Depreciation. 200,000 87,500 112,500 2,500 225,000 190,000 80,000 110,000 2,500 210,000 Goodwill Total Assets Liabilities and Shareholders'…Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31. 2020 $ 487,179 $ 373,219 2021 293,282 236,621 193,897 69,179 43,846 113,025 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 84,347 80,872 52,251 15,042 10,711 $ 65,830 $ 41,540 KORBIN COMPANY Comparative Balance Sheets December 31 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Total liabilities and equity 136,598 51,504 32,843 2021 2020 2019 $ 259,000 165,760 93,240 34,188 21,497 55,685 37,555 7,624 $ 29,931 $ 64,678 116,492 0 $ 43,289 900 106,308 $ 181,170 $ 150,497 $ 26,451 66,000 8,250 80,469 $ 22,424 66,000 8,250 53,823 $ 181,170 $ 150,497 2019 $ 57,867 4,860 61,960 $ 124,687 $ 21,820 48,000 5,333 49,534 $ 124,687
- Big Corporation reported the following income statement and balance sheet for the past two years: Big Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $ 100,600,800 $ 92,600,500 Cost of goods sold 66,750,500 60,750,800 Gross profit 33,850,300 31,849,700 Selling expenses 7,150,500 6,240,800 Administrative expenses 4,950,800 4,590,700 Total operating expenses 12,101,300 10,831,500 Income from operations 21,749,000 21,018,200 Interest Expense 425,500 476,300 Other income 148,400 127,200 Income before income tax 21,471,900 20,669,100 Income tax expense 8,588,800 8,267,700 Net income $ 12,883,100 $…Big Corporation reported the following income statement and balance sheet for the past two years: Big Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $ 100,600,800 $ 92,600,500 Cost of goods sold 66,750,500 60,750,800 Gross profit 33,850,300 31,849,700 Selling expenses 7,150,500 6,240,800 Administrative expenses 4,950,800 4,590,700 Total operating expenses 12,101,300 10,831,500 Income from operations 21,749,000 21,018,200 Interest Expense 425,500 476,300 Other income 148,400 127,200 Income before income tax 21,471,900 20,669,100 Income tax expense 8,588,800 8,267,700 Net income $ 12,883,100 $…[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY 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 Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…
- Below is the Income Statement of Company A for 2020-2021 in KWD. 2021 2020 t of Sales Revenue 1,000,000 1,200,000 Cost of GoodsSold 500,000 660,000 Gross Profit 500,000 540,000 Marketing Expenses 70,000 120,000 Administrative Expenses 150,000 132,000 Net Income 280,000 288.000 Enter the Common Size Percents for 2021 and 2020 (1 Common Size Percents - Common Size Percents - 2021 2020 Sales Revenue Cost of Goods Sold Gross Profit Marketing Expenses Administrative Expenses Net IncomeHelp me plsHere are the comparative condensed income statements of Cheyenne Corporation. CHEYENNE CORPORATIONCondensed Income StatementsFor the Years Ended December 31 2022 2021 Net sales $588,000 $490,000 Cost of goods sold 474,516 416,010 Gross profit 113,484 73,990 Operating expenses 80,556 44,100 Net income $ 32,928 $ 29,890 (a)Prepare a horizontal analysis of the income statement data for Cheyenne Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) CHEYENNE CORPORATIONCondensed Income Statementschoose the accounting period Increase or (Decrease) During 2022 2022 2021 Amount Percentage Net sales $588,000 $490,000 $enter a dollar amount enter…
- [The following Information applles to the questions displayed below.) Selected comparative financlal statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales 2019 $ 555,000 $ 340,000 212,50e 127, see 46,920 29,920 76,840 se,660 10,370 S 40,290 $ 278,800 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 283,500 271, see 102,900 5e, 668 153,900 124, 100 5e,8ee 22,800 153,568 73,600 se, se0 15,670 $ 34,830 Income before taxe 117,932 40, 8e0 Income tax expense Net income $ 77,132 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 2019 Assets Current assets $ 52, 390 $ 37,924 S 51,748 Long-term investments Plant assets, net 500 3,956 100,0ee 96,000 60, 000 Total assets $ 152,390 $134,424 $ 115,698 Liabilities and Equity Current liabilities $ 22, 800 72, 800 9,000 $ 20, 30e 60, e00 6,000 29,398 $ 115, 698 $19,960 72,000 Common…Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [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 2019 Sales Cost of goods sold $ 402,346 $ 308,230 242,212 $ 213,900 194,493 136,896 Gross profit 160,134 113,737 77,004 Selling expenses 57,133 42,536 28,235 Administrative expenses 36,211 27,124 17,754 Total expenses 93,344 69,660 45,989 Income before taxes Income tax expense 66,790 44,077 31,015 12,423 9,036 6,296 Net income $ 54,367 $ 35,041 $ 24,719 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Current liabilities Liabilities and Equity Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 180,932 2021 $ 63,959 116,973 0 2020 $ 42,808 800 106,691 $ 180,932 $ 150,299 $…Below are the Income Statement and Balance Sheet for Palmer Corporation for the years ended 2020 and 2021. Calculate the liquidity ratios in the table to the right for the year ended 2021. Palmer Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $5,750,900 $4,894,800 Cost of goods sold 3,646,700 3,195,600 Gross profit 2,104,200 1,699,200 Selling expenses 775,500 688,700 Administrative expenses 863,900 815,200 Total operating expenses 1,639,400 1,503,900 Income from operations 464,800 195,300 Other income 102,500 84,600 Income before income tax 567,300 279,900 Income tax expense 200,600 101,200 Net income $366,700 $178,700 Palmer Corporation…