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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 412,880 $
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY | |||
Comparative Income Statements | |||
For Years Ended December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Sales | $ 412,880 | $ 316,300 | $ 219,500 |
Cost of goods sold | 248,554 | 199,585 | 140,480 |
Gross profit | 164,326 | 116,715 | 79,020 |
Selling expenses | 58,629 | 43,649 | 28,974 |
Administrative expenses | 37,159 | 27,834 | 18,219 |
Total expenses | 95,788 | 71,483 | 47,193 |
Income before taxes | 68,538 | 45,232 | 31,827 |
Income tax expense | 12,748 | 9,272 | 6,461 |
Net income | $ 55,790 | $ 35,960 | $ 25,366 |
KORBIN COMPANY | |||
Comparative Balance Sheets | |||
December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Assets | |||
Current assets | $ 57,517 | $ 38,497 | $ 51,461 |
Long-term investments | 0 | 800 | 3,070 |
Plant assets, net | 103,596 | 94,539 | 56,352 |
Total assets | $ 161,113 | $ 133,836 | $ 110,883 |
Liabilities and Equity | |||
Current liabilities | $ 23,522 | $ 19,942 | $ 19,405 |
Common stock | 67,000 | 67,000 | 49,000 |
Other paid-in capital | 8,375 | 8,375 | 5,444 |
Retained earnings | 62,216 | 38,519 | 37,034 |
Total liabilities and equity | $ 161,113 | $ 133,836 | $ 110,883 |
. Complete the below table to calculate each year's current ratio
Complete the below table to calculate income statement data in common-size percents.
Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year.
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