[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 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 $402,722 $308,518 242,439 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 160,283 57,187 36,245 93,432 66,851 12,434 $ 54,417 KORBIN COMPANY Comparative Balance Sheets December 31 2021 194,058 114,460 42,575 27,150 69,725 44,735 9,171 $35,564 2020 $62,930 $42,119 0 600 118,686 108,149 $ 181,616 $150,868 $22,479 64,000 8,000 56,389 2019 $ 214,100 137,024 77,076 28,261 17,770 46,031 31,045 6,302 $24,743 2019 $56,304 4,670 64,020 $124,994 $26,516 64,000 8,000 83,100 $ 181,616 $150,868 $124,994 $21,874 46,000 5,111 52,009

[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 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 $402,722 $308,518 242,439 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 160,283 57,187 36,245 93,432 66,851 12,434 $ 54,417 KORBIN COMPANY Comparative Balance Sheets December 31 2021 194,058 114,460 42,575 27,150 69,725 44,735 9,171 $35,564 2020 $62,930 $42,119 0 600 118,686 108,149 $ 181,616 $150,868 $22,479 64,000 8,000 56,389 2019 $ 214,100 137,024 77,076 28,261 17,770 46,031 31,045 6,302 $24,743 2019 $56,304 4,670 64,020 $124,994 $26,516 64,000 8,000 83,100 $ 181,616 $150,868 $124,994 $21,874 46,000 5,111 52,009

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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