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 Long-term investments Plant assets, net Total assets Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 $ 481,724 $ 369,040 233,233 135,807 50,928 32,476 Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equi Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 289,998 191,726 68,405 43,355 111,760 83,404 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 79,966 14,874 2021 $ 56,542 0 $ 37,843 800 96,909 106,637 $ 163,179 $ 135,552 $ 23,824 63,000 7,875 68,480 2020 % 2019 $ 256,100 163,904 92,196 33,805 21,256 55,061 $19,653 45,000 5,000 42,652 $ 163,179 $ 135,552 $ 112,305 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % 37,135 7,538 $ 29,597 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places. % $ 20,197 63,000 7,875 44,480 2019 $ 50,588 4,300 57,417 $ 112,305 2020 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
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 Long-term investments Plant assets, net Total assets Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 $ 481,724 $ 369,040 233,233 135,807 50,928 32,476 Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Total liabilities and equity Liabilities and Equi Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 289,998 191,726 68,405 43,355 111,760 83,404 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 79,966 14,874 2021 $ 56,542 0 $ 37,843 800 96,909 106,637 $ 163,179 $ 135,552 $ 23,824 63,000 7,875 68,480 2020 % 2019 $ 256,100 163,904 92,196 33,805 21,256 55,061 $19,653 45,000 5,000 42,652 $ 163,179 $ 135,552 $ 112,305 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % 37,135 7,538 $ 29,597 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places. % $ 20,197 63,000 7,875 44,480 2019 $ 50,588 4,300 57,417 $ 112,305 2020 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...
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![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
106,637
$ 37,843
800
96,909
$ 163,179 $ 135,552
7,875
68,480
$ 23,824 $ 20,197
63,000
63,000
KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2021, 2020 and 2019
2021
2019
$ 256,100
163,904
92, 196
%
$ 19,653
45,000
7,875
5,000
44,480
42,652
$ 163,179 $ 135,552 $ 112,305
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year.
Note: Round your percentage answers to 2 decimal places.
%
37, 135
7,538
$ 29,597
%
33,805
21,256
55,061
%
2019
$50,588
4,300
57,417
$ 112,305
2020
%
%
%
%
2019
100.00 %
100.00
100.00
100.00 %
100.00 %
100.00
100.00
100.00
100.00 %](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7f3a651f-a4d1-43ef-95da-ce69c2ee9606%2Fb4ca9e9d-def8-40e1-871d-ce2213b38d94%2F13c5lp_processed.png&w=3840&q=75)
Transcribed Image Text: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
106,637
$ 37,843
800
96,909
$ 163,179 $ 135,552
7,875
68,480
$ 23,824 $ 20,197
63,000
63,000
KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2021, 2020 and 2019
2021
2019
$ 256,100
163,904
92, 196
%
$ 19,653
45,000
7,875
5,000
44,480
42,652
$ 163,179 $ 135,552 $ 112,305
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year.
Note: Round your percentage answers to 2 decimal places.
%
37, 135
7,538
$ 29,597
%
33,805
21,256
55,061
%
2019
$50,588
4,300
57,417
$ 112,305
2020
%
%
%
%
2019
100.00 %
100.00
100.00
100.00 %
100.00 %
100.00
100.00
100.00
100.00 %
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