None Required information[The following information applies to the questions displayed below.]The comparative financial statements for Chinook Company are below:Income statementSales revenueCost of goods soldGross profitOperating expenses and interest expensePretax incomeIncome taxNet incomeBalance sheetCashYear 2Year 1$$190,000167,000112,000 100,00078,00067,00056,00053,00022,00014,0008,0004,000$ 14,000 $10,000$ 4,000 $ 7,000Accounts receivable (net)InventoryProperty and equipment (net)Total assetsCurrent liabilities (no interest)Long-term liabilities (interest rate: 10%)Common stock ($5 par value, 6,000 sharesoutstanding)Retained earnings14,00018,00040,00034,00045,00038,000$$ 97,000103,000$ 16,000 $17,00045,00045,00030,000 30,00012,000 5,000$Total liabilities and stockholders' equity$ 97,000103,000Required:1. Complete the following columns for each item in the preceding comparative financial statements:Complete this question by entering your answers in the tabs below.Income Balancestateme.... sheetComplete the following columns for each item in the preceding comparative financialstatements:Note: Enter your percentage answers rounded to 2 decimal places (i.e. 0.1234 should beentered as 12.34). Decreases should be indicated by a minus sign.Sales revenueCHINOOK COMPANYIncome StatementIncrease (Decrease)from Year 1 to Year 2Amount Percent%%%%%%%Income statementBalance sheet >Cost of goods soldGross profitOperating expenses and interestexpensePretax incomeIncome taxNet incomeShow less▲

The Statement of Financial Position -The statement of financial position is the position of the…

Required information [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below: Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Year 2 Year 1 $ $ 190,000 167,000 112,000 100,000 78,000 67,000 56,000 53,000 22,000 14,000 8,000 4,000 Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) $ 14,000 $10,000 $ 4,000 $7,000 14,000 40,000 18,000 34,000 45,000 38,000 $ 103,000 $ 97,000 $ 16,000 $17,000 45,000 45,000 30,000 30,000 Retained earnings 12,000 5,000 Total liabilities and stockholders' equity $ 103,000 $ 97,000 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: Complete this question by entering your answers in the tabs below. Income Balance stateme... sheet

Required information [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below: Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Year 2 Year 1 $ $ 190,000 167,000 112,000 100,000 78,000 67,000 56,000 53,000 22,000 14,000 8,000 4,000 Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 10%) Common stock ($5 par value, 6,000 shares outstanding) $ 14,000 $10,000 $ 4,000 $7,000 14,000 40,000 18,000 34,000 45,000 38,000 $ 103,000 $ 97,000 $ 16,000 $17,000 45,000 45,000 30,000 30,000 Retained earnings 12,000 5,000 Total liabilities and stockholders' equity $ 103,000 $ 97,000 Required: 1. Complete the following columns for each item in the preceding comparative financial statements: Complete this question by entering your answers in the tabs below. Income Balance stateme... sheet

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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[The following information applies to the questions displayed below.] 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 Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…
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…
The comparative statements of Bonita Company are presented here. Net sales Bonita Company Income Statements For the Years Ended December 31 Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 2022 $1,811,500 1,008,900 802,600 518,600 284,000 17,800 266,200 80,152 $ 186,048 2021 $1,752,200 982,000 770,200 472,800 297,400 13,800 283,600 76,400 $207,200
Required Information P13-6 (Algo) Computing Comparative Financial Statements and ROA Profit Driver Ratios LO 13-3. 13-4. 13-5 [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax $ 284,000 Year 2 Year 1 $ 178,500 115,500 101,400 88,500 69,100 57,400 53,700 31,100 Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 12%) Common stock ($5 par value, 6,780 shares outstanding) Retained earnings Total liabilities and stockholders' equity P13-6 Part 1 9,400 $ 21,700 $ 5,400 14,700 15,400 4,700 $ 10,700 $ 7,700 18,700 36,800 41,400 47,100 39,400 $ 108,600 $ 102,600 $ 16,700 $ 17,700 45,700 33,500 12,700 $ 108,600 Required: 1. Compute component percentages for…
[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…
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 Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Long-term investments Plant assets, net Total assets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 $ 555,000 283,500 271,500 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity KORBIN COMPANY Comparative Balance Sheets December 31 102,900 50,668 153,568 117,932 40,800 $77,132 % 2020 $ 340,000 212,500 127,500 46,920 29,920 2021 % 76,840 50,660 10,370 $ 40,290 $ 52,390 100,000 $ 152,390 0 $ 22,800 72,000 9,000 48,590 KORBIN…
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