FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
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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.
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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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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