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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
[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 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Sales | $ 402,722 | $ 308,518 | $ 214,100 |
Cost of goods sold | 242,439 | 194,983 | 137,024 |
Gross profit | 160,283 | 113,535 | 77,076 |
Selling expenses | 57,187 | 42,575 | 28,261 |
Administrative expenses | 36,245 | 27,150 | 17,770 |
Total expenses | 93,432 | 69,725 | 46,031 |
Income before taxes | 66,851 | 43,810 | 31,045 |
Income tax expense | 12,434 | 8,981 | 6,302 |
Net income | $ 54,417 | $ 34,829 | $ 24,743 |
KORBIN COMPANY | |||
Comparative Balance Sheets | |||
December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Assets | |||
Current assets | $ 53,753 | $ 35,977 | $ 48,093 |
Long-term investments | 0 | 600 | 3,230 |
Plant assets, net | 99,826 | 91,000 | 54,375 |
Total assets | $ 153,579 | $ 127,577 | $ 105,698 |
Liabilities and Equity | |||
Current liabilities | $ 22,423 | $ 19,009 | $ 18,497 |
Common stock | 70,000 | 70,000 | 52,000 |
Other paid-in capital | 8,750 | 8,750 | 5,778 |
Retained earnings | 52,406 | 29,818 | 29,423 |
Total liabilities and equity | $ 153,579 | $ 127,577 | $ 105,698 |
rev: 09_08_2021_QC_CDR-376, 10_13_2021_QC_CDR-376
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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