! Required information [The following information applies to the questions displayed below.] Selected comparative financial statements...

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! Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 460,845 $ 353,045 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 2019 $ 245,000 277,429 221,359 156,800 183,416 131,686 88,200 65,440 48,720 32,340 41,476 31,068 20,335 106,916 79,788 52,675 76,500 51,898 35,525 14,229 10,639 7,212 $ 62,271 $ 41,259 $ 28,313 KORBIN COMPANY Comparative Balance Sheets Long-term investments Plant assets, net Total assets December 31 2021 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 57,830 105,762 0 $ 38,706 1,200 95,989 $ 163,592 $ 135,895 2019 $ 51,740 4,840 56,009 $ 112,589 $ 23,884 65,000 8,125 66,583 $ 20,248 65,000 8,125 42,522 $ 19,703 47,000 5,222 40,664 $ 163,592 $ 135,895 $ 112,589 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. Assets KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity % % 100.00 % ! Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 460,845 $ 353,045 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 2019 $ 245,000 277,429 221,359 156,800 183,416 131,686 88,200 65,440 48,720 32,340 41,476 31,068 20,335 106,916 79,788 52,675 76,500 51,898 35,525 14,229 10,639 7,212 $ 62,271 $ 41,259 $ 28,313 KORBIN COMPANY Comparative Balance Sheets Long-term investments Plant assets, net Total assets December 31 2021 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 57,830 105,762 0 $ 38,706 1,200 95,989 $ 163,592 $ 135,895 2019 $ 51,740 4,840 56,009 $ 112,589 $ 23,884 65,000 8,125 66,583 $ 20,248 65,000 8,125 42,522 $ 19,703 47,000 5,222 40,664 $ 163,592 $ 135,895 $ 112,589 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. Assets KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity % % 100.00 %

Answer rating: 100% (QA)

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