Prepare the income statements for 2018 and 2019 of Company T.

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Chapter 9, Problem 16P

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Prepare the income statements for 2018 and 2019 of Company T.

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Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements. For Years Ended December 31 2021 Sales: Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 2020 $436,580 $ 334,456 262,821 173,759 61,994 39,292 Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets December 31 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 212,045 122,411 46, 155 101,286 72,473 13,480 $ 58,993 $ 37,225 29,432 75,587 46,824 9,599 2021 $ 54,789 0 100, 200 $154,989 $ 22,628 72,000 9,000 51,361 2019 $ 232,100 148,544 83,556 30,637 19,264 49,901 33,655 6,832 $ 26,823 2020 $36,670 900 91,178…

9 - The income statement of a Business for the period 2019 is as follows: 31.12.2019 % Gross sales 45.200 TL 102.72 Discounts From Sales 1.200 TL 2.72 Net Sales 44,000 TL 100.00 Cost of sales 12.500 TL 28.41 Gross Profit on Sales 31,500 TL 71.59 This table was prepared according to which of the following analysis methods? a) Technical analysis B) Analysis with Vertical Percentage Method NS) Ratio Analysis D) Comparative Tables Analysis TO) Trend Percentages Analysis

Assignment COMPARATIVE STATEMENTS Sikat Manufacturing Corporation Income Statement For the year ended Dec. 31, 2020 and 202019 2020 2019 P 5,150,000 -150,000 5,000,000 3,200,000 1,800,000 Sales 4,250,000 na 250.000 4,000,000 2.600,000 1,400,000 Less: Sales Returns and Allowances Net Sales Less: Cost of Sales Gross Profit Less: Operating Expenses Selling Expenses General and Administrative Expenses Total Operating Expenses Operating Income Less: Interest expense Net Income before tax Less: Income tax.(32% ) Net Income 720,000 780,000 1,500,000 300,000 60,000 240,000 76,800 P 163.200 600,000 600,000 1,200,000 200,000 40,000 160,000 51,200 P 108,800 Sikat Manufacturing Corporation Balance Sheet Dec. 31, 2020 and 2019 2020 2019 ASSETS P 225,000 150,000 240,000 260,000 120,000 150,000 70,000 550,000 P1.765.000 P 1,520,000 Cash P140.000 125,000 180,000 160,000 145,000 170,000 80,000 520,000 Marketable Securities Accounts Receivable Inventories: Finished Goods Work-in-Process Raw Materials…