Using Financial Accounting Information
10th Edition
ISBN: 9781337276337
Author: Porter, Gary A.
Publisher: Cengage Learning,
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Chapter 1, Problem 1.9E
To determine
Concept Introduction:
Financial statements are summarized financial information of a particular period. A set of financial statements include balance sheet, income statement, statement of owner’s equity, and statement and
To identify: the type of financial statement and account.
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Selected comparative financial Statements of Kordin
Company follow.
Comparative
Income Statements
For Years Ended December 31
Sales
Cost of goods sold
Gross profit
Selling expenses
KORBIN COMPANY
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
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
2021
2020
2019
$548,688 $ 420,340 $ 291,700
330, 310
263,974
186,688
156,366
105,012
58,007
38,504
36,990
24,211
94,997
61,369
12,581
$ 48,788
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
218,378
77,914
49,382
127,296
91,082
16,941
$74,141
December 31
2021
$ 62,574
0
114,438
$177,012
$ 25,844
65,000
8,125
78,043…
Selected comparative financial statements of Korbin
Company follow.
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
KORBIN COMPANY
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
KORBIN COMPANY
Comparative Balance Sheets
Liabilities and Equity
Current liabilities
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
2021
2020
2019
$ 483,981 $ 370,769 $ 257,300
291,357
234,326
164,672
192,624
136,443
92,628
68,725
33,964
43,558
21,356
112,283
80,341
14,943
$ 65,398 $ 41,856
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
December 31
2021
$ 57,843
0
51,166
32,628
83,794
52,649
10,793
$ 23,890
66,000
$ 20,253
Common stock
66,000
Other paid-in capital
8,250
Retained earnings
41,423
Total liabilities and equity $…
Liverton Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows in the images.
Calculate for the financial year ended 31 March 2019 and, where possible, for 31 March 2018, the following ratios:
i) Gross profit marginii) Assets usageiii) Current ratioiv) Acid testv) Inventories holding periodvi) Debt to Equity ratio
Chapter 1 Solutions
Using Financial Accounting Information
Ch. 1 - Prob. 1.1ECh. 1 - Prob. 1.2ECh. 1 - Prob. 1.3ECh. 1 - Prob. 1.4.1ECh. 1 - Prob. 1.4.2ECh. 1 - Prob. 1.4.3ECh. 1 - Prob. 1.4.4ECh. 1 - Prob. 1.5.1ECh. 1 - Prob. 1.5.2ECh. 1 - Prob. 1.5.3E
Ch. 1 - Changes in Owners’ Equity The following amounts...Ch. 1 - Prob. 1.6.2ECh. 1 - Prob. 1.6.3ECh. 1 - Prob. 1.7ECh. 1 - Prob. 1.8ECh. 1 - Prob. 1.9ECh. 1 - Prob. 1.10.1ECh. 1 - Prob. 1.10.2ECh. 1 - Prob. 1.10.3ECh. 1 - Prob. 1.10.4ECh. 1 - Prob. 1.10.5ECh. 1 - Prob. 1.10.6ECh. 1 - Prob. 1.11ECh. 1 - Prob. 1.12ECh. 1 - Prob. 1.13ECh. 1 - Prob. 1.14ECh. 1 - Prob. 1.15MCECh. 1 - Prob. 1.16MCECh. 1 - Prob. 1.1PCh. 1 - Prob. 1.2PCh. 1 - Prob. 1.3PCh. 1 - Prob. 1.4.1PCh. 1 - Prob. 1.4.2PCh. 1 - Prob. 1.5.1PCh. 1 - Prob. 1.5.2PCh. 1 - Prob. 1.5.3PCh. 1 - Prob. 1.5.4PCh. 1 - Prob. 1.6.1PCh. 1 - Prob. 1.6.2PCh. 1 - Income Statement and Balance Sheet Green Bay...Ch. 1 - Prob. 1.7.1PCh. 1 - Prob. 1.7.2PCh. 1 - Prob. 1.7.3PCh. 1 - Prob. 1.7.4PCh. 1 - Prob. 1.8.1PCh. 1 - Prob. 1.8.2PCh. 1 - Prob. 1.9PCh. 1 - Prob. 1.10MCPCh. 1 - Prob. 1.1AAPCh. 1 - Prob. 1.2AAPCh. 1 - Prob. 1.3AAPCh. 1 - Prob. 1.4AAPCh. 1 - Prob. 1.5AAPCh. 1 - Prob. 1.5.1AAPCh. 1 - Prob. 1.5.2AAPCh. 1 - Prob. 1.5.3AAPCh. 1 - Prob. 1.5.4AAPCh. 1 - Prob. 1.6.1AAPCh. 1 - Prob. 1.6.2AAPCh. 1 - Prob. 1.6.3AAPCh. 1 - Prob. 1.7.1AAPCh. 1 - Prob. 1.7.2AAPCh. 1 - Prob. 1.7.3AAPCh. 1 - Prob. 1.7.4AAPCh. 1 - Prob. 1.8.1AAPCh. 1 - Prob. 1.8.2AAPCh. 1 - Prob. 1.9AAPCh. 1 - Prob. 1.10AAMCP
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