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any help is greatly appreciated (The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative
any help is greatly appreciated
(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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 420,592 $ 322,208 $ 223,600 Cost of goods sold 253, 196 202,669 143, 104 Gross profit 167, 396 119,539 80,496 Selling expenses 59,724 44,465 29,515 Administrative expenses 37,853 28,354 18,559 Total expenses 97,577 72,819 48,074 Income before taxes 69,819 46,720 32,422 Income tax expense 12,986 9,578 6,582 Net income $ 56,833 $ 37,142 $ 25,840 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 61,607 $ 41,234 $ 55,120 Long-term investments 500 4,150 Plant assets, net 116,191 105,962 63,096 Total assets $ 177,798 $ 147,696 $ 122,366 Liabilities and Equity Current liabilities $ 25,959 $ 22,007 $ 21,414 Common stock 71,000 71,000 53,000 Other paid-in capital 8,875 8,875 5,889 Retained earnings 71,964 45,814 42,063 Step by Step Solution
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