Bb We 5 X G WW JD (13 30 421 20 (48 30 (66 = rea M Inb G Go & acc |Bb Err O Ma |G Ac if HE G for & ww & Co if I G 'C & Ca & Co + C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a.. Ch 13 HW - ACG3073 Saved Help Save & Exit Submit Check my work 20 Required information [The following information applies to the questions displayed below.] Part 1 of 4 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements 10 For Years Ended December 31, 2019, 2018, and 2017 points 2019 2018 2017 Sales $ 409 , 118 $ 313, 418 $ 217 , 500 Cost of goods sold 246, 289 197 , 453 139 , 200 Gross profit 162, 829 115,965 78, 300 eBook Selling expenses 58, 095 43, 252 28, 710 Administrative expenses 36, 821 27 , 581 18, 053 Print Total expenses 94 , 916 70, 833 46, 763 Income before taxes 67,913 45, 132 31,537 References Income tax expense 12, 632 9 , 252 6, 402 Net income $ 55, 281 35, 880 $ 25, 135 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 56,259 $ 37, 654 $ 50,335 Long-term investments 700 3, 380 Plant assets, net 106, 104 96 , 520 58, 028 Total assets $ 162, 363 $ 134, 874 $ 111, 743 Liabilities and Equity Current liabilities $ 23, 705 $ 20, 096 19,555 Common stock 70,000 70, 000 52, 000 Other paid-in capital 8 , 750 8, 750 5, 778 Mc Graw Bb We 5 X G WW JD (13 30 461 20 (48 30 (66 = rea M Inb G Go & acc |Bb Err O Ma |G Ac if HE G for & ww & Co if I G 'C & Ca & Co + C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a.. Ch 13 HW - ACG3073 Saved Help Save & Exit Submit Check my work - - . -- - - . - -- 20 Common stock 70,000 70, 000 52,000 Other paid-in capital 8 , 750 8, 750 5, 778 Retained earnings 59,908 36, 028 34, 410 Total liabilities and equity $ 162, 363 $ 134, 874 $ 111, 743 Part 1 of 4 Required: 10 1. Complete the below table to calculate each year's current ratio. points Current Ratio eBook Choose Numerator: Choose Denominator: Current ratio Print Cost of goods sold Net sales = Current ratio References 2019 $ 409,118 0 to 1 2018 0 to 1 2017 = 0 to 1 Mc Graw Bb We 5 X G WW JD (13 30 421 20 (48 3:0 (66 = rea M Inb G Go & acc |Bb Err O Ma G Ac if HE G for & ww & Co if I G 'C & Ca & Co + C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a.. Ch 13 HW - ACG3073 Saved Help Save & Exit Submit Check my work 21 - - - - -- 1 - - -I - . - 1 - - -1 . -- Part 2 of 4 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY 10 points Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 eBook 2017 Sales 100.00 % 200.00 % 300.00 % Print Cost of goods sold 246,289.00 References Gross profit 246, 189.00) Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense 12,632.00 Net income (12,632.00) % % % Mc Graw Bb We 5 X G WW JD (13 20 421 20 (48 30 (66 ) rea |Mi Inb G Go & acc |Bb Err O Ma |G Ac if HE G for & ww & Co it Hi @ 'C & Ca & Co + C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/a... Ch 13 HW - ACG3073 Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 22 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.) Part 3 of 4 X Answer is not complete. KORBIN COMPANY 10 Balance Sheet Data in Trend Percents points December 31, 2019, 2018 and 2017 2019 2018 2017 Assets Current assets 112.00 X% 75.00 X% 100.00 % Long-term investments 0.00 0.00 X 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities 121.00 X % 103.00 X% 100.00 % Common stock 135.00 X 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity |% 100.00 % Mc Graw
