Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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, and 2019 2021 2020 2019 Saleo $ 407,425 $ 312, 121 $ 216,600 Cont of goods sold 245,270 196,324 138,624 Grons profit 162,155 115,797 77,976 Selling expenses 57,854 43,073 28,591 Administrative expenses 36,668 27,467 17,978 Total expenses 94,522 70,540 46,569 Income before taxes 67,633 45,257 31,407 Income tax expense 12.580 9,278 6,376 Net Income $ 55,053 $ 35,979 $ 25,031 2019 KORBIN COMPANY Comparativo Balance Shoeto December 31, 2021, 2020, and 2019 2021 2020 Ansats Current assets $ 59,958 $ 40,130 Long-term investments 400 Plant annatn, net 114,047 104,679 Total ansata $ 174,805 $ 145,209 Liabilities and Equity Current liabilities $ 25,522 $ 21,636 Comenon stock 70,000 70,000 Other paid-in capital 8,750 0,750 Retained earnings 70,533 44,823 Total llabilities and equity 5 174,805 $ 145,209 $ 53,644 3,030 63,632 $ 120, 306 $ 21,054 52,000 S, 778 41,474 $ 120,306 . 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.) 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 Long-term investments 100,00 % 100.00 100.00 100.00% % % Plant assets net Total assets Llabilities and Equity Current liabilities 96 % 100.00 % 100.00 Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 100.00 100.00
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started