Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales 2021 $385,981 2020 $295,693 2019 $205,200 Cost of goods sold 232,361 184,80 131,328 Gross profit 153,620 110,Bas 73,872 Selling expenses 54,809 40,806 27,086 Administrative expenses 34,738 26,021 17,032 Total expenses 89,547 66,827 44,118 Income before taxes 64,073 44,058 29,754 Income tax expense 11,918 9,032 6,048 Net income $ 52,155 $ 35,026 $23,714 KORBIN COMPANY Comparative Balance Sheets Assets Current assets 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 December 31 2021 $ 59,973 D 108,019 $167,992 2020 $ 40.140) 800 98,610 $ 139,550 $20,793 72,000 2019 $ 53,658 4,150 57,809 $ 115,617 $ 20,213 $4,000 6,000 35,384 72,000 9,000 62,465 9.000 37.757 $167,992 $ 139,550 $ 115,617 $ 24,527 Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative income statements For Years Ended December 31, 2021, 2020, and 2015 2021 2020 Sales Cast of goods sold H60.31 44.10 Gross prof (60.31) (44.10) Selling expenses Administrative experies Total expenses lecome before i Income tax experne Net income 2015 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales 2021 $385,981 2020 $295,693 2019 $205,200 Cost of goods sold 232,361 184,80 131,328 Gross profit 153,620 110,Bas 73,872 Selling expenses 54,809 40,806 27,086 Administrative expenses 34,738 26,021 17,032 Total expenses 89,547 66,827 44,118 Income before taxes 64,073 44,058 29,754 Income tax expense 11,918 9,032 6,048 Net income $ 52,155 $ 35,026 $23,714 KORBIN COMPANY Comparative Balance Sheets Assets Current assets 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 December 31 2021 $ 59,973 D 108,019 $167,992 2020 $ 40.140) 800 98,610 $ 139,550 $20,793 72,000 2019 $ 53,658 4,150 57,809 $ 115,617 $ 20,213 $4,000 6,000 35,384 72,000 9,000 62,465 9.000 37.757 $167,992 $ 139,550 $ 115,617 $ 24,527 Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative income statements For Years Ended December 31, 2021, 2020, and 2015 2021 2020 Sales Cast of goods sold H60.31 44.10 Gross prof (60.31) (44.10) Selling expenses Administrative experies Total expenses lecome before i Income tax experne Net income 2015
Expert Answer:
Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
Posted Date:
Students also viewed these accounting questions
-
En una empresa comercializadora de equipo de oficina, Juan Prezrevisaba los flujos de efectivo de los ltimos 6 meses para as tomarla decisin de si compraba un nuevo equipo de transporte para...
-
Solving a maze is an "amazing" experience! : 0 It involves a great deal of trial and error as you follow a path and backtrack when necessary - when you cannot go any farther. The only valid moves...
-
12.C2 A small, 454 gm block is at rest at the top of a cylindrical surface. The block is given an initial velocity vo to the right of magnitude 3 m/sec, which causes it to slide on the cylindrical...
-
1. List five line coding schemes discussed in this book. 2. Define block coding and give its purpose. 3. Define scrambling and give its purpose. 4. Compare and contrast PCM and DM 5. What are the...
-
Explain why the maximum flow rate per unit area for a given ideal gas depends only on P0 For an ideal gas with k = 1.4 and R = 0.287 kJ/kg·K, find the constant a such that m # /A* Po/VT
-
Find the capacitance of the circuit shown in Fig. 3.28 between points A and B. C2 =C3 C, C2
-
Recording Sales Transactions} Refer to the information for Cornerstone Exercise 6-18 above. \section*{Required:} Prepare the journal entries to record these transactions on the books of Reece...
-
European Designs Company manufactures furniture. European Designs uses a job order cost system. Balances on May 1 from the materials ledger are as follows: Fabric ........... $ 56,000 Polyester...
-
Carmen s Dress Delivery operates a mail - order business that sells clothes designed for frequent travelers. It had sales of $ 6 3 0 , 0 0 0 in December. Because Carmen s Dress Delivery is in the...
-
Agata Polanska opened her first Pierogi Factory restaurant in Kitchener, Ontario in 2015. Customers love her authentic Polish pierogi, so Agata has steadily expanded her business to include four...
-
ACC-240 TOPIC 03 PRACTICE PROBLEMS Question 45 of 58 VIEW I VIIVICS Current Attempt in Progress > The unadjusted trial balance for Sierra Corp. is shown below. - / 0.01 Assets Liabilities...
-
Consider the following static game of complete information. Two restaurants, A and B, are deciding whether to open on Saturday. If only one of them opens, the one that opens earns 10 - c and the one...
-
Jackson Co. has the following information for the first 4 months of this year: Machine hours Cleaning Hours Expense January 2,100. $900 February 2,600 1,200 March 1,600 800 April 2,000 1,000...
-
Would like to understand where is the allocation base, " labour-hour rate "? The question said we have to use labour-hour rate as allocation base. Isn't it different from labour-hour? Why the answer...
-
1. Find a market news event. Scan the news for an article from within the last week about a good or service that interests you. Read the article and determine which is affected: supply or demand. 2....
-
Calabria Gourmet Meats Ltd is a popular producer of Italian sausages in the inner west of Sydney. The company's accountant has gathered the following information: Depreciation on buildings and...
-
You buy a share of The Ludwig Corporation stock for $19.00. You expect it to pay dividends of $1.08, $1.1588, and $1.2434 in Years 1, 2, and 3, respectively, and you expect to sell it at a price of...
-
Write a paper detailing a geographic information system (GIS) of your own design that would utilize data in an original manner.
-
Bank Reconciliation} Conway Company reported the following information: \section*{Required:} 1. Calculate the amount of outstanding cheques as of December 31. 2. Prepare the journal entries that...
-
What are the seven financial statement assertions made by management according to ISA 500?
-
Name two types of risk in the Audit Process? Briefly discuss each.
Study smarter with the SolutionInn App