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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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
Transcribed Image Text:3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year.
Note: Round your percentage answers to 2 decimal places.
Assets
Current assets
ong-term investments
'lant assets, net
otal assets
iabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
otal liabilities and equity
December 31, 2021, 2020 and 2019
2021
%
%
%
%
2020
%
%
%
%
2019
100.
100.
100.
100.
100.
100.
100.
100.
100.

Transcribed Image Text: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
6
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
2021
2020
$ 497,148 $ 380,856
299,283
241,844
139,012
52,558
33,515
86,073
52,939
10,853
$ 42,086
197,865
70,595
44,743
115,338
82,527
15,350
$ 67,177
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021
$ 62,947
0
115,120
$ 178,067
2020
2019
$ 264,300
$42,130
800
104,989
$147,919
169, 152
95, 148
34,888
21,937
56,825
38,323
7,780
$ 30,543
2019
$ 56,318
3,240
62,993
$ 122,551
$ 25,998
72,000
$ 22,040
72,000
9,000
44,879
$ 21,446
54,000
6,000
9,000
71,069
41,105
$ 178,067 $ 147,919 $ 122,551
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year.
Note: Round your percentage answers to 2 decimal places.
KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2021, 2020 and 2019
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