FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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3. Complete the below table to calculate the
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Transcribed Image Text:Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2019, 2018, and 2017
2019
2018
2017
$ 267,500
171, 200
$ 503,168
302,907
200, 261
71,450
45, 285
$ 385,468
244,772
140,696
53,195
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
96,300
35,310
22,203
57,513
33,921
87,116
116,735
Income before taxes
83,526
53,580
10,984
$ 42,596
38,787
Income tax expense
15,536
7,874
Net income
$ 67,990
$ 30,913
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
2019
2018
2017
Assets
Current assets
$ 63,122
$ 42,248
$ 56,475
Long-term investments
Plant assets, net
800
4,910
115,440
105, 283
61,507
Total assets
$ 178,562
$ 148,331
$ 122,892
Liabilities and Equity
Current liabilities
$ 26,070
$ 22,101
$ 21,506
Common stock
68,000
8,500
68,000
8,500
50,000
5,556
other paid-in capital
Retained earnings
49,730
$ 148,331
75,992
45,830
Total liabilities and equity
$ 178,562
$ 122,892
Transcribed Image Text:3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage
answers to 2 decimal places.)
KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2019, 2018 and 2017
2019
2018
2017
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 %
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