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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 $ 412,315 $
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY | |||
Comparative Income Statements | |||
For Years Ended December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Sales | $ 412,315 | $ 315,867 | $ 219,200 |
Cost of goods sold | 248,214 | 199,312 | 140,288 |
Gross profit | 164,101 | 116,555 | 78,912 |
Selling expenses | 58,549 | 43,590 | 28,934 |
Administrative expenses | 37,108 | 27,796 | 18,194 |
Total expenses | 95,657 | 71,386 | 47,128 |
Income before taxes | 68,444 | 45,169 | 31,784 |
Income tax expense | 12,731 | 9,260 | 6,452 |
Net income | $ 55,713 | $ 35,909 | $ 25,332 |
KORBIN COMPANY | |||
Comparative Balance Sheets | |||
December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Assets | |||
Current assets | $ 60,569 | $ 40,539 | $ 54,192 |
Long-term investments | 0 | 1,200 | 3,770 |
Plant assets, net | 110,773 | 100,594 | 59,961 |
Total assets | $ 171,342 | $ 142,333 | $ 117,923 |
Liabilities and Equity | |||
Current liabilities | $ 25,016 | $ 21,208 | $ 20,637 |
Common stock | 67,000 | 67,000 | 49,000 |
Other paid-in capital | 8,375 | 8,375 | 5,444 |
Retained earnings | 70,951 | 45,750 | 42,842 |
Total liabilities and equity | $ 171,342 | $ 142,333 | $ 117,923 |
Required: 1. Complete the below table to calculate each year's current ratio.
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
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.)
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