Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 429,809 $ 329,269 $ 228,500 Cost of goods sold 258,745 207,439 146,240 Gross profit 171,064 121,830 82,260 Selling expenses 61,033 45,439 30,162 Administrative expenses 38,683 28,976 18,966 Total expenses 99,716 74,415 49,128 Income before taxes 71,348 47,415 33,132 Income tax expense 13,271 9,720 6,726 Net income $ 58,077 $ 37,695 $ 26,406 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 58,039 $ 38,846 $ 51,928 Long-term investments 0 1,100 3,100 Plant assets, net 106,146 96,441 57,969 Total assets $ 164,185 $ 136,387 $ 112,997 Liabilities and Equity Current liabilities $ 23,971 $ 20,322 $ 19,774 Common stock 67,000 67,000 49,000 Other paid-in capital 8,375 8,375 5,444 Retained earnings 64,839 40,690 38,779 Total liabilities and equity $ 164,185 $ 136,387 $ 112,997 2. Complete the below table to calculate income statement data in common-size percents.
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 429,809 $ 329,269 $ 228,500 Cost of goods sold 258,745 207,439 146,240 Gross profit 171,064 121,830 82,260 Selling expenses 61,033 45,439 30,162 Administrative expenses 38,683 28,976 18,966 Total expenses 99,716 74,415 49,128 Income before taxes 71,348 47,415 33,132 Income tax expense 13,271 9,720 6,726 Net income $ 58,077 $ 37,695 $ 26,406 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 58,039 $ 38,846 $ 51,928 Long-term investments 0 1,100 3,100 Plant assets, net 106,146 96,441 57,969 Total assets $ 164,185 $ 136,387 $ 112,997 Liabilities and Equity Current liabilities $ 23,971 $ 20,322 $ 19,774 Common stock 67,000 67,000 49,000 Other paid-in capital 8,375 8,375 5,444 Retained earnings 64,839 40,690 38,779 Total liabilities and equity $ 164,185 $ 136,387 $ 112,997 2. Complete the below table to calculate income statement data in common-size percents.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...
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Question
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021 2020 2019
Sales $ 429,809 $ 329,269 $ 228,500
Cost of goods sold 258,745 207,439 146,240
Gross profit 171,064 121,830 82,260
Selling expenses 61,033 45,439 30,162
Administrative expenses 38,683 28,976 18,966
Total expenses 99,716 74,415 49,128
Income before taxes 71,348 47,415 33,132
Income tax expense 13,271 9,720 6,726
Net income $ 58,077 $ 37,695 $ 26,406
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021 2020 2019
Assets
Current assets $ 58,039 $ 38,846 $ 51,928
Long-term investments 0 1,100 3,100
Plant assets, net 106,146 96,441 57,969
Total assets $ 164,185 $ 136,387 $ 112,997
Liabilities and Equity
Current liabilities $ 23,971 $ 20,322 $ 19,774
Common stock 67,000 67,000 49,000
Other paid-in capital 8,375 8,375 5,444
Retained earnings 64,839 40,690 38,779
Total liabilities and equity $ 164,185 $ 136,387 $ 112,997
2. Complete the below table to calculate income statement data in common-size percents.
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