Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling...

Transcribed Image Text:

Selected comparative financial statements of Korbin Company follow. 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 Total liabilities and equity 2021 2020 2019 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Numerator: 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 2021 $ 536,461 322,950 7 1 7 Other paid-in capital Retained earnings Total liabilities and equity KORBIN COMPANY Comparative Balance Sheets December 31 1 1 213,511 76,177 48,281 124,458 89,053 16,564 $ 72,489 2021 Required: 1. Complete the below table to calculate each year's current ratio. % % $59,719 Current Ratio 110,907 $ 170,626 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2020 $ 410,973 260,968 150,005 56,714 36,166 92,880 57,125 11,711 $ 45,414 Denominator: 0 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % $ 24,911 $ 21,119 66,000 66,000 8,250 8,250 71,465 46,369 $ 170,626 $ 141,738 $117.430 % % 196 2020 2 Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. 1% $ 39,970 700 101,068 $ 141,738 2020 = % = % 2019 $285,200 182,528 = 2019 % = 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. 41,354 8,395 $ 32,959 102,672 37,646 23,672 61,318 % % Current ratio Current ratio to 1 $ 53,431 4,220 59,779 $ 117,430 2019 2019 $ 20,550 48,000 5,333 43,547 100.00% 100.00 100.00 100.00 % 100.00 100.00 100.00 100.00 % 100.00 to 1 to 1 Selected comparative financial statements of Korbin Company follow. 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 Total liabilities and equity 2021 2020 2019 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Numerator: 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 2021 $ 536,461 322,950 7 1 7 Other paid-in capital Retained earnings Total liabilities and equity KORBIN COMPANY Comparative Balance Sheets December 31 1 1 213,511 76,177 48,281 124,458 89,053 16,564 $ 72,489 2021 Required: 1. Complete the below table to calculate each year's current ratio. % % $59,719 Current Ratio 110,907 $ 170,626 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2020 $ 410,973 260,968 150,005 56,714 36,166 92,880 57,125 11,711 $ 45,414 Denominator: 0 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % $ 24,911 $ 21,119 66,000 66,000 8,250 8,250 71,465 46,369 $ 170,626 $ 141,738 $117.430 % % 196 2020 2 Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. 1% $ 39,970 700 101,068 $ 141,738 2020 = % = % 2019 $285,200 182,528 = 2019 % = 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. 41,354 8,395 $ 32,959 102,672 37,646 23,672 61,318 % % Current ratio Current ratio to 1 $ 53,431 4,220 59,779 $ 117,430 2019 2019 $ 20,550 48,000 5,333 43,547 100.00% 100.00 100.00 100.00 % 100.00 100.00 100.00 100.00 % 100.00 to 1 to 1

Answer rating: 100% (QA)

To help you fill in the tables based on the financial statements provided lets go through each part one by one 1 Current Ratio Calculation The current ... View the full answer