Selected comparative financial statements of Korbin Company follow.KORBIN COMPANYComparative Income StatementsFor Years Ended December 312021Sales$ 562,7952019$ 299,200338,803Cost of goods soldGross profit191,488223,992107,712Selling expenses79,91739,494Administrative expenses50,65224,834Total expenses130,56964,328Income before taxes93,42343,384Income tax expense17,3778,807Net income$ 76,046$ 34,577KORBIN COMPANYComparative Balance SheetsDecember 3120212020AssetsCurrent assets$ 38,127$ 56,9650Long-term investments70097,740Plant assets, netTotal assets107,436$164,401$ 136,567Liabilities and EquityCurrent liabilities$ 20,348Common stock68,000$ 24,00368,0008,50063,898Other paid-in capital8,500Retained earnings39,719Total liabilities and equity$164,401 $ 136,5672020$431,147273,778157,36959,49837,94197,43959,93012,286$ 47,6442019$ 50,9674,55057,629$ 113,146$ 19,80150,0005,55637,789$113,1464 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentageanswers to 2 decimal places.)KORBIN COMPANYBalance Sheet Data in Trend PercentsDecember 31, 2021, 2020 and 2019)20212019AssetsCurrent assets%100.00 %Long-term investments100.00Plant assets, net100.00Total assets100.00 %Liabilities and EquityCurrent liabilities100.00 %Common stock100.00Other paid-in capital100.00Retained earnings100.00Total liabilities and equity100.00 %%2020%%%28%4

Lets understand the basics. Trend analysis is a analysis which shows how the variable are changed…

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 2019 Assets Current assets 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets 100.00 % Liabilities and Equity Current liabilities 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity 100.00 % 2020 je % % D

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 2019 Assets Current assets 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets 100.00 % Liabilities and Equity Current liabilities 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity 100.00 % 2020 je % % D

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.7P

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