Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help asap please and thank you Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021
help asap please and thank you
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales $ 393,505 $ 301,457 Cost of goods sold 236,890 189,918 Gross profit 156,615 111,539 Selling expenses 55,878 41,601 Administrative expenses 35,415 26,528 Total expenses 91,293 68,129 Income before taxes 65,322 43,410 Income tax expense 12,150 8,899 Net income $ 53,172 $ 34,511 2019 $ 209, 200 133,888 75,312 27,614 17,364 44,978 30, 334 6,158 $ 24,176 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 59,073 $ 39,538 Long-term investments 500 Plant assets, net 111,413 101,584 Total assets $ 170, 486 $ 141,622 Liabilities and Equity Current liabilities $ 24,891 $ 21,102 Common stock 67,000 67,000 Other paid-in capital 8,375 8,375 Retained earnings 70, 220 45, 145 Total liabilities and equity $ 170,486 $ 141,622 $ 52,853 4,610 59,871 $ 117,334 $ 20,533 49,000 5,444 42,357 $ 117,334 2. Complete the below table to calculate income statement data in common-size percer decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 % % % Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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