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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 $ 426,799 $
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY | |||
Comparative Income Statements | |||
For Years Ended December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Sales | $ 426,799 | $ 326,963 | $ 226,900 |
Cost of goods sold | 256,933 | 204,352 | 145,216 |
Gross profit | 169,866 | 122,611 | 81,684 |
Selling expenses | 60,605 | 45,121 | 29,951 |
Administrative expenses | 38,412 | 28,773 | 18,833 |
Total expenses | 99,017 | 73,894 | 48,784 |
Income before taxes | 70,849 | 48,717 | 32,900 |
Income tax expense | 13,178 | 9,987 | 6,679 |
Net income | $ 57,671 | $ 38,730 | $ 26,221 |
KORBIN COMPANY | |||
Comparative Balance Sheets | |||
December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Assets | |||
Current assets | $ 60,849 | $ 40,727 | $ 54,442 |
Long-term investments | 0 | 700 | 3,020 |
Plant assets, net | 111,285 | 101,564 | 61,006 |
Total assets | $ 172,134 | $ 142,991 | $ 118,468 |
Liabilities and Equity | |||
Current liabilities | $ 25,132 | $ 21,306 | $ 20,732 |
Common stock | 63,000 | 63,000 | 45,000 |
Other paid-in capital | 7,875 | 7,875 | 5,000 |
Retained earnings | 76,127 | 50,810 | 47,736 |
Total liabilities and equity | $ 172,134 | $ 142,991 | $ 118,468 |
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity % 100.00 %
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