Chapter 13 Homework A Saved Required information [The following information applies to the questions displayed below.] Part 2 of 3 Selected comparative financial statements of Korbin Company follow: points eBook KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales $ 458,024 $ 350,884 $ 243,500 Cost of goods sold 275,730 220,355 155,840 Gross profit 182,294 130,529 87,660 Selling expenses 65,039 48,422 32,142 Administrative expenses 41, 222 30,878 20, 211 Total expenses 106,261 79,300 52,353 Income before taxes 76,033 51,229 35,307 Income tax expense 14,142 10,502 7,167 Net income $ 61,891 $ 40,727 $ 28,140 Print References 2017 2016 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017, and 2016 2018 Assets Current assets $ 51,260 Long-term investments Plant assets, net 96,676 Total assets $ 147,936 Liabilities and Equity Current liabilities $ 21,599 Common stock 73,000 Other paid-in capital 9,125 Retained earnings 44,212 Total liabilities and equity $ 147,936 $ 40,104 400 103,147 $ 143,651 $ 53,610 3,870 61,535 $ 119,015 $ $ 21,484 73,000 9,125 40,122 $ 143,651 20,828 55,000 6,111 $ 119,015 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2016 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 I 2018 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Chapter 13 Homework A Saved 14 Required information [The following information applies to the questions displayed below.] Part 3 of 3 Selected comparative financial statements of Korbin Company follow: points eBook KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales $ 458,024 $ 350,884 $ 243,500 Cost of goods sold 275,730 220,355 155,840 Gross profit 182,294 130,529 87,660 Selling expenses 65,039 48,422 32,142 Administrative expenses 41,222 30,878 20, 211 Total expenses 106,261 79,300 52,353 Income before taxes 76,033 51,229 35,307 Income tax expense 14, 142 10,502 Net income $ 61,891 $ 40,727 $ 28,140 Print 7,167 References 2017 2016 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017, and 2016 2018 Assets Current assets $ 51,260 Long-term investments 0 Plant assets, net 96,676 Total assets $ 147,936 Liabilities and Equity Current liabilities $ 21,599 Common stock 73,000 Other paid-in capital 9,125 Retained earnings 44,212 Total liabilities and equity $ 147,936 $ 40,104 400 103,147 $ 143,651 $ 53,610 3,870 61,535 $ 119,015 $ 21,404 73,000 9,125 40,122 $ 143,651 $ 20,828 55,000 6,111 37,076 $ 119,015 3. Complete the below table to calculate the balance sheet data in trend percents with 2016 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2018, 2017 and 2016 2018 2017 2016 Assets Current assets 100.00 % 100.00 100.00 100.00 % 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 1% % 100.00 % 100.00 100.00 100.00 100.00%
