Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018- 2020 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets $ 481,536 289,885 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 191,651 68,378 43,338 111,716 79,935 14,868 $ 65,067 2019 2018 $368,896 $ 256,000 163,840 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 231,298 137,598 50,908 32,463 83,371 54,227 11,117 $ 43,110 $ 56,007 e 105,629 $ 161,636 $ 23,599 72,000 9,000 57,937 $ 161,636 2019 $ 37,485 1,100 95,685 $ 134,270 $ 20,006 72,000 9,000 33,264 $ 134,270 92,160 33,792 21,248 55,040 37,120 7,535 $29,585 2018 $ 50,109 3,770 57,364 $ 111,243 $ 19,468 54,000 6,000 31,775 $ 111,243

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018- 2020 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets $ 481,536 289,885 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 191,651 68,378 43,338 111,716 79,935 14,868 $ 65,067 2019 2018 $368,896 $ 256,000 163,840 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 231,298 137,598 50,908 32,463 83,371 54,227 11,117 $ 43,110 $ 56,007 e 105,629 $ 161,636 $ 23,599 72,000 9,000 57,937 $ 161,636 2019 $ 37,485 1,100 95,685 $ 134,270 $ 20,006 72,000 9,000 33,264 $ 134,270 92,160 33,792 21,248 55,040 37,120 7,535 $29,585 2018 $ 50,109 3,770 57,364 $ 111,243 $ 19,468 54,000 6,000 31,775 $ 111,243

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

See similar textbooks

Similar questions

The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
Comprehensive income Anson Industries, Inc., reported the following information on its 20Y1 income statement: Prepare the following for Anson Industries, Inc.: A. Income statement, including comprehensive income. B. Income statement and a separate statement of comprehensive income.
[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 136,443 51,166 32,628 83,794 52,649 10,793 $ 41,856 192,624 68,725 43,558 Numerator: 112,283 80,341 14,943 $ 65,398 1 1 1 1 1 December 31 2021 $ 57,843 0 Current Ratio $ 23,890 $ 20,253 $ 19,708 66,000 66,000 48,000 8,250 8,250 5,333 65,490 41,423 39,574 Total liabilities and equity $ 163,630 $ 135,926 $ 112,615 Required: 1. Complete the below…
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 Sales Cost of goods sold Gross profit! Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and…
[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…
[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Numerator: 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 156,366 KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 1 1 / 1 1 58,007 36,990 94,997 61,369 12,581 $ 74,141 $ 48,788 December 31 2021 $ 62,574 0 Current Ratio 114,438 $ 177,012 $ 25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: $ 41,881 $…
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…
Selected comparative financial Statements of Kordin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $548,688 $ 420,340 $ 291,700 330, 310 263,974 186,688 156,366 105,012 58,007 38,504 36,990 24,211 94,997 61,369 12,581 $ 48,788 Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 218,378 77,914 49,382 127,296 91,082 16,941 $74,141 December 31 2021 $ 62,574 0 114,438 $177,012 $ 25,844 65,000 8,125 78,043…
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities. 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 51,166 43,558 32,628 112,283 83,794 80,341 52,649 14,943 10,793 $ 65,398 $ 41,856 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 S % $ 57,843 0 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021…
Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 33,964 43,558 21,356 112,283 80,341 14,943 $ 65,398 $ 41,856 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 $ 57,843 0 51,166 32,628 83,794 52,649 10,793 $ 23,890 66,000 $ 20,253 Common stock 66,000 Other paid-in capital 8,250 Retained earnings 41,423 Total liabilities and equity $…
Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31. 2020 $ 487,179 $ 373,219 2021 293,282 236,621 193,897 69,179 43,846 113,025 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 84,347 80,872 52,251 15,042 10,711 $ 65,830 $ 41,540 KORBIN COMPANY Comparative Balance Sheets December 31 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 136,598 51,504 32,843 2021 2020 2019 $ 259,000 165,760 93,240 34,188 21,497 55,685 37,555 7,624 $ 29,931 $ 64,678 116,492 0 $ 43,289 900 106,308 $ 181,170 $ 150,497 $ 26,451 66,000 8,250 80,469 $ 22,424 66,000 8,250 53,823 $ 181,170 $ 150,497 2019 $ 57,867 4,860 61,960 $ 124,687 $ 21,820 48,000 5,333 49,534 $ 124,687