Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 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 2020 $ 520,661 $ 398,869 313,438 250,889 Liabilities and Equity Current liabilities Common stock Other paid-in capital 207,223 73,934 46,859 120,793 86,430 16,076 $ 70,354 $ 45,980 NORBON COMPANY Comparave Balance Sheets December 31 2021 $ 55,419 0 147,980 55,044 35, 100 90,144 57,836 11,856 $ 23,351 72,000 9.000 2 2019 $ 276,800 177,152 99,648 36,538 22,974 59,512 40,136 8,148 $ 31,988 $ 37,092 1,100 94,667 104,519 $ 159,938 $ 132,859 $ 19,796 72,000 9,000 $ 49,583 3,750 56,741 $ 110,074 $ 19,263 54,000 6.000 Homework Ch 13 (Late penalty applies) i 10 Part 2 of 4 2 points eBook Ask References Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 16,076 $70,354 KORBIN COMPANY Comparative Balance Sheets December 31 Common stock Other paid-in capital Retained earnings Saved 2021 11,856 $ 45,980 2020 $ 37,092 $ 55,419 0 104,519 1,100 94,667 $ 159,938 $ 132,859 8,148 $ 31,988 $ 19,796 72,000 9,000 32,063 $ 23,351 72,000 9,000 55,587 Total liabilities and equity $ 159,938 $ 132,859 $ 110,074 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 $ 49,583 3,750 56,741 $ 110,074 $ 19,263 54,000 6,000 30,811 Problem 13-2A (Algo) Part 2 2. Complete the below table to calculate income statement ca in common-size percents. Note: Round your percentage answers to 2 decimal places. 2019 He 14 ces Required information 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 520,661.00 % 398,869.00 % 60.20 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 520,600.80 73,934.00 46,859.00 120,793.00 86,430,00 16,076.00 70,354.00 % 2019 % % 121 14 ces Required information 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 520,661.00 % 398,869.00 % 60.20 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 520,600.80 73,934.00 46,859.00 120,793.00 86, 30.00 16,076.00 70,354.00 % 2019 % % 121 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 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 2020 $ 520,661 $ 398,869 313,438 250,889 Liabilities and Equity Current liabilities Common stock Other paid-in capital 207,223 73,934 46,859 120,793 86,430 16,076 $ 70,354 $ 45,980 NORBON COMPANY Comparave Balance Sheets December 31 2021 $ 55,419 0 147,980 55,044 35, 100 90,144 57,836 11,856 $ 23,351 72,000 9.000 2 2019 $ 276,800 177,152 99,648 36,538 22,974 59,512 40,136 8,148 $ 31,988 $ 37,092 1,100 94,667 104,519 $ 159,938 $ 132,859 $ 19,796 72,000 9,000 $ 49,583 3,750 56,741 $ 110,074 $ 19,263 54,000 6.000 Homework Ch 13 (Late penalty applies) i 10 Part 2 of 4 2 points eBook Ask References Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 16,076 $70,354 KORBIN COMPANY Comparative Balance Sheets December 31 Common stock Other paid-in capital Retained earnings Saved 2021 11,856 $ 45,980 2020 $ 37,092 $ 55,419 0 104,519 1,100 94,667 $ 159,938 $ 132,859 8,148 $ 31,988 $ 19,796 72,000 9,000 32,063 $ 23,351 72,000 9,000 55,587 Total liabilities and equity $ 159,938 $ 132,859 $ 110,074 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 $ 49,583 3,750 56,741 $ 110,074 $ 19,263 54,000 6,000 30,811 Problem 13-2A (Algo) Part 2 2. Complete the below table to calculate income statement ca in common-size percents. Note: Round your percentage answers to 2 decimal places. 2019 He 14 ces Required information 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 520,661.00 % 398,869.00 % 60.20 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 520,600.80 73,934.00 46,859.00 120,793.00 86,430,00 16,076.00 70,354.00 % 2019 % % 121 14 ces Required information 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 520,661.00 % 398,869.00 % 60.20 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 520,600.80 73,934.00 46,859.00 120,793.00 86, 30.00 16,076.00 70,354.00 % 2019 % % 121
Expert Answer:
Answer rating: 100% (QA)
2 Sales Cost of goods sold Gross profit Selling expense Administrative expense Total expense... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
a) Determine the vertex of the function f(x) = -2x + 8x-6 by completing the square.
-
Do a SWOT analysis of your own personal job search after you complete your supply management AND logistics course. Then, What are your strengths and weaknesses and who or what are the threats and...
-
Q.4: Four capacitors are arranged in the following configuration: the capacitances of capacitors are C = 4.0F, C2= 3.0F, C3= 6.0F and C4-2.0F.be 0.0.0.0 (a) Calculate the equivalent capacitance of...
-
Great ride (GR) is in the business of manufacturing and selling high-end vehicles. GR signs a deal with the CEO of a consulting firm for a luxury SUV. You are the long-time Controller for GreatRide...
-
Newtons Law of Gravitation says that the magnitude F of the force exerted by a body of mass m on a body of mass M is where G is the gravitational constant and is the distance between the bodies. (a)...
-
. (6 points) Let A be the adjacency matrix for a directed graph G on vertex set {1,2,3,4}. The first few powers of A are given below. 0 1 10 1 0 0 0 01 10 A = 1 0 0 0 1000 0 1 10 A - A 1 01 10 0 0 0...
-
The finalists can be viewed at http://www .sciencemag.org/projects/data-stories/finalists. Pick a video that interests you, watch it, and answer the following questions: (a) Give a link to the chosen...
-
An accountant wishes to predict direct labor cost (y) on the basis of the batch size (x) of a product produced in a job shop. Data for 12 production runs are given in Table 13.5, along with the Excel...
-
Corporate) taxes play an important role in making investment decisions. Taxes influence the incremental cash flows needed to assess the feasibility of an investment. Explain why and how taxes are...
-
The bonding strength of an adhesive has been studied as a function of temperature (T) in C and pressure (P) as kg/cm. Data obtained are given. 30 74 Pressure 120 140 Temperature 168 90 30 138 104 90...
-
Function x = A sin cot + B cos ot + C sin ot cos cot represents SHM (A) for any value of A, B and C (except C = 0) (C) if A = B; C =0 (B) if A = -B; C = 2B, amplitude = B2 (D) if A = B; C = 2B,...
-
Identify an example of a development project, and what type of team you believe they used. Do you think this was the appropriate type of team given the nature of the project?
-
Can you suggest a tax system that led to this building style, which was common in old Eastern European cities? Courtesy of David Colander
-
Pick three industries and describe how the risks faced by companies within those industries can influence their planning, controlling, and decision-making activities.
-
Given your response to item 2, how would these measures be useful? What could they be used for? Turnover is costly for organizations. In addition to the direct costs of recruiting, hiring, and...
-
What are the three business goal-oriented perspectives or views of an information system that systems owners and system users tend to focus on? What are the three technological perspectives that...
-
(NH4)3PO4 + Pb(NO3)4 Pb3(PO4) 4+ NH4NO3 A. What type of chemical reaction is this? B. How many grams of ammonium nitrate can be produced if 393.6 g of ammonium phosphate are reacted with excess lead...
-
Write the given system without the use of matrices. D) - ()- d (x sin t + 8 (2+ 1)
-
California Orchards reports the following sales data for the year ended December 31. The company incurred the following joint costs for the year. Required 1. Use the value basis to allocate joint...
-
Refer to the information in Problem 6-1B and assume the periodic inventory system is used. Required 1. Compute cost of goods available for sale and the number of units available for sale. 2. Compute...
-
General Ledger (GL) Assignments For the following GL assignments, prepare journal entries highlighting the operating cycle of a merchandising company. A trial balance is automatically generated based...
-
R&B Beverages, Inc., provides a complete line of beer, wine, and soft drink products for distribution through retail outlets in central Iowa. Unit price data for 2008 and 2011 and quantities sold in...
-
A large manufacturer purchases an identical component from three independent suppliers that differ in unit price and quantity supplied. The relevant data for 2009 and 2011 are given here. a. Compute...
-
Data on quantities of three items sold in 1997 and 2011 are given here along with the sales prices of the items in 1997. Compute a weighted aggregate quantity index for 2011. Quantity Sold Item 1997...
Study smarter with the SolutionInn App