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Need help asap Required Information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative
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Required Information [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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 418,334 $ 320,478 $ 222,400 Cost of goods sold 251,837 203,584 142,336 Gross profit 166,497 116,974 88,054 Selling expenses 59,483 44.226 29, 357 Administrative expenses 37,650 28,292 18,459 Total expenses 97,053 72.428 47,816 Income before taxes 69,444 44.546 32,248 Income tax expense 12,917 6,546 Net income $ 56,527 $ 35,414 $ 25,792 9.132 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 59,774 Long-term investments Plant assets, net 109,319 Total assets $ 169,093 Liabilities and Equity Current liabilities $ 24,688 Common stock 68, eee Other paid-in capital 8.599 Retained earnings 67,985 Total liabilities and equity $ 169,93 $ 40,097 790 99,758 $ 149,465 $ 53,480 3.239 59.665 $116,375 $ 29,929 68,000 8. see 43,036 $ 149,465 $ 20,366 50,000 5, 556 40.453 $ 116,375 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 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.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets Current assets Long-term investments 100.00 % 100.00 100.00 100.00 % Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital 100.00 % 100.00 100.00 100.00 100.00 % Retained earnings Total liabilities and equity %Step by Step Solution
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