Answered step by step
Verified Expert Solution
Question
1 Approved Answer
everything is correct i just need help on the last two rows please [The following information applies to the questions displayed below.] Selected comparative financial
everything is correct i just need help on the last two rows please [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, 2017, 2016, and 2015 2017 2016 2015 Sales $ 560,538 $ 429, 418 $ 298,000 Cost of goods sold 337,444 270,963 190, 720 Gross profit 223,094 158, 455 107,280 Selling expenses 79,596 59,260 39,336 Administrative expenses 50,448 37,789 24, 734 Total expenses 130,044 97,049 64,070 Income before taxes 93,050 61,406 43,210 Income taxes 17,307 12,588 8,772 Net income $ 75, 743 $ 48,818 $ 34,438 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 54,046 $ 42,285 $ 56,525 Long-term investments 0 700 3,400 Plant assets, net 98,843 105,476 63,075 Total assets $ 152, 889 $ 148,461 $ 123,000 Liabilities and Equity Current liabilities $ 22,322 $ 22,121 $ 21,525 Common stock 64,000 64,000 46,000 Other paid-in capital 8,000 8,000 5,111 Retained earnings 58,567 54,340 50,364 Total liabilities and equity $ 152,889 $ 148,461 $ 123,000 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2015 100.00% 84.00 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales 100.00% 100.00% Cost of goods sold 60.20 63.10 Gross profit 39.80 36.90 Solling expenses 14.20 13.80 Administrative expenses 9.00 8.80 Total expenses 23.20 22 60 Income before taxes Income taxes Net income 9 % 36.00 13.20 8.30 21.50
everything is correct i just need help on the last two rows please
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started