Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...

  

Transcribed Image Text:

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 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 2021 2020 $ 524,799 $ 402,039 315,929 251,676 208,870 150,363 55,481 35,379 90,860 59,503 12,198 $ 47,305 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 74,521 47,232 121,753 87,117 16,204 $ 70,913 KORBIN COMPANY Comparative Balance Sheets December 31 2021 $ 60,628 0 110,880 $ 171,508 2020 2019 $ 279,000 178,560 100,440 36,828 23,157 59,985 40,455 8,212 $ 32,243 $ 40,579 1,100 100,792 $ 142,471 2019 $ 54,244 4,650 59,143 $ 118,037 $ 20,656 48,000 $ 25,040 66,000 $ 21,228 66,000 8,250 8,250 5,333 72,218 46,993 44,048 $ 171,508 $ 142,471 $ 118,037 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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % % 2019 % % Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 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 2021 2020 $ 524,799 $ 402,039 315,929 251,676 208,870 150,363 55,481 35,379 90,860 59,503 12,198 $ 47,305 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 74,521 47,232 121,753 87,117 16,204 $ 70,913 KORBIN COMPANY Comparative Balance Sheets December 31 2021 $ 60,628 0 110,880 $ 171,508 2020 2019 $ 279,000 178,560 100,440 36,828 23,157 59,985 40,455 8,212 $ 32,243 $ 40,579 1,100 100,792 $ 142,471 2019 $ 54,244 4,650 59,143 $ 118,037 $ 20,656 48,000 $ 25,040 66,000 $ 21,228 66,000 8,250 8,250 5,333 72,218 46,993 44,048 $ 171,508 $ 142,471 $ 118,037 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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % % 2019 % %

Answer rating: 100% (QA)

To complete the commonsize comparative income statement in percentages you should calculate each inc... View the full answer