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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
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[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 | $ | 437,897 | $ | 335,465 | $ | 232,800 | |||
Cost of goods sold | 263,614 | 210,001 | 148,992 | ||||||
Gross profit | 174,283 | 125,464 | 83,808 | ||||||
Selling expenses | 62,181 | 46,294 | 30,730 | ||||||
Administrative expenses | 39,411 | 29,521 | 19,322 | ||||||
Total expenses | 101,592 | 75,815 | 50,052 | ||||||
Income before taxes | 72,691 | 49,649 | 33,756 | ||||||
Income tax expense | 13,521 | 10,178 | 6,852 | ||||||
Net income | $ | 59,170 | $ | 39,471 | $ | 26,904 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2019, 2018, and 2017 | |||||||||
2019 | 2018 | 2017 | |||||||
Assets | |||||||||
Current assets | $ | 54,651 | $ | 36,578 | $ | 48,897 | |||
Long-term investments | 0 | 1,000 | 4,980 | ||||||
Plant assets, net | 104,682 | 94,779 | 55,781 | ||||||
Total assets | $ | 159,333 | $ | 132,357 | $ | 109,658 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 23,263 | $ | 19,721 | $ | 19,190 | |||
Common stock | 71,000 | 71,000 | 53,000 | ||||||
Other paid-in capital | 8,875 | 8,875 | 5,889 | ||||||
Retained earnings | 56,195 | 32,761 | 31,579 | ||||||
Total liabilities and equity | $ | 159,333 | $ | 132,357 | $ | 109,658 | |||
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.)
3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 100.00 100.00 100.00 100.00 % 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 100.00 % 100.00 100.00 100.00 100.00 %
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