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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY | |||
Comparative Income Statements | |||
For Years Ended December 31, 2021, 2020, and 2019 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Sales | $ 381,279 | $ 292,091 | $ 202,700 |
Cost of goods sold | 229,530 | 184,602 | 129,728 |
Gross profit | 151,749 | 107,489 | 72,972 |
Selling expenses | 54,142 | 40,309 | 26,756 |
Administrative expenses | 34,315 | 25,704 | 16,824 |
Total expenses | 88,457 | 66,013 | 43,580 |
Income before taxes | 63,292 | 41,476 | 29,392 |
Income tax expense | 11,772 | 8,503 | 5,967 |
Net income | $ 51,520 | $ 32,973 | $ 23,425 |
KORBIN COMPANY | |||
Comparative Balance Sheets | |||
December 31, 2021, 2020, and 2019 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Assets | |||
Current assets | $ 59,200 | $ 39,623 | $ 52,967 |
Long-term investments | 0 | 900 | 4,830 |
Plant assets, net | 113,396 | 102,852 | 60,989 |
Total assets | $ 172,596 | $ 143,375 | $ 118,786 |
Liabilities and Equity | |||
Current liabilities | $ 25,199 | $ 21,363 | $ 20,788 |
Common stock | 69,000 | 69,000 | 51,000 |
Other paid-in capital | 8,625 | 8,625 | 5,667 |
Retained earnings | 69,772 | 44,387 | 41,331 |
Total liabilities and equity | $ 172,596 | $ 143,375 | $ 118,786 |
Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2019 100.00 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales 100.00 % 100.00 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 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 %6 100.00 96 100.00 100.00 100.00% 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 96 96 100.00% 100.00 100.00 100.00 % 96 100.00 %
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