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 COMPANYBalance Sheet Data in Trend PercentsDecember 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%see pictures Selected comparative financial statements of Korbin Company follow.KORBIN COMPANYComparative Income StatementsFor Years Ended December 31, 2019, 2018, and 2017201920182017$ 267,500171, 200$ 503,168302,907200, 26171,45045, 285$ 385,468244,772140,69653,195SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal expenses96,30035,31022,20357,51333,92187,116116,735Income before taxes83,52653,58010,984$ 42,59638,787Income tax expense15,5367,874Net income$ 67,990$ 30,913KORBIN COMPANYComparative Balance SheetsDecember 31, 2019, 2018, and 2017201920182017AssetsCurrent assets$ 63,122$ 42,248$ 56,475Long-term investmentsPlant assets, net8004,910115,440105, 28361,507Total assets$ 178,562$ 148,331$ 122,892Liabilities and EquityCurrent liabilities$ 26,070$ 22,101$ 21,506Common stock68,0008,50068,0008,50050,0005,556other paid-in capitalRetained earnings49,730$ 148,33175,99245,830Total liabilities and equity$ 178,562$ 122,892 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentageanswers to 2 decimal places.)KORBIN COMPANYBalance Sheet Data in Trend PercentsDecember 31, 2019, 2018 and 2017201920182017AssetsCurrent assets%%100.00 %Long-term investments100.00Plant assets, net100.00Total assets%100.00 %Liabilities and EquityCurrent liabilities%%100.00 %Common stock100.00Other paid-in capital100.00Retained earnings100.00Total liabilities and equity%%100.00 %

The balance sheet data in trend percentage forms provides the comparison of assets and liabilities…

Answered: Complete the below table to calculate…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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	%

see pictures

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

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 %

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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