Chapter 17 Project Question 2

Required Informatlon IThe following information applies to the questions displayed below] Selected comparative financial statements of Korbin Company follow ANY Comparative Income Statements For Years Ended December 31, 2817, 2816, and 2815 2617 281 2815 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 465, 548 $356,648 247,588 280,260225,482 158, 488 185,288 131,246 89,188 66,188 49,217 32,670 20,543 53,213 35,887 7,285 41,899 31.385 188,887 88.682 5e, 644 77, 281 14,374 10,382 7263 S 62,987 4e,262 28,682 COMPANY Comparative Balance Sheets December 31, 2817, 2816, and 2815 2815 Assets Current assets Long-term investments Plant assets, net Total assets s 48,348 37,827 $58, 566 3,780 56,787 1,e8e 95,311 89,790 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity s 138, 138 $ 134,138 111,133 s 26,168 19,987 19,448 5, 111 s 138,138 134,138 S 111,133 64,88e64,8ae 8,eae 42,151 8,eee 45.970 48