Question

In: Accounting

KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018...

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2019, 2018, and 2017
2019 2018 2017
Sales $ 378,269 $ 289,785 $ 201,100
Cost of goods sold 227,718 181,116 128,704
Gross profit 150,551 108,669 72,396
Selling expenses 53,714 39,990 26,545
Administrative expenses 34,044 25,501 16,691
Total expenses 87,758 65,491 43,236
Income before taxes 62,793 43,178 29,160
Income tax expense 11,679 8,852 5,919
Net income $ 51,114 $ 34,326 $ 23,241
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
2019 2018 2017
Assets
Current assets $ 59,115 $ 39,566 $ 52,890
Long-term investments 0 1,100 4,780
Plant assets, net 111,492 101,056 59,747
Total assets $ 170,607 $ 141,722 $ 117,417
Liabilities and Equity
Current liabilities $ 24,909 $ 21,117 $ 20,548
Common stock 66,000 66,000 48,000
Other paid-in capital 8,250 8,250 5,333
Retained earnings 71,448 46,355 43,536
Total liabilities and equity $ 170,607 $ 141,722 $ 117,417

Required:
1. Complete the below table to calculate each year's current ratio.

Solutions

Expert Solution

[1]

Current Ratio
Choose Numerator Choose Denominator Current Ratio
Current Assets Current Liabilities
2017 $52,890 $20,548                                      2.57 or 2.6
2018 $39,566 $21,117                                      1.87 or 1.9
2019 $59,115 $24,909                                      2.37 or 2.4

ekkarill92 answered 2 hours ago
Next > < Previous

Related Solutions

KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 446,549 $ 342,093 $ 237,400 Cost of goods sold 268,822 213,808 151,936 Gross profit 177,727 128,285 85,464 Selling expenses 63,410 47,209 31,337 Administrative expenses 40,189 30,104 19,704 Total expenses 103,599 77,313 51,041 Income before taxes 74,128 50,972 34,423 Income tax expense 13,788 10,449 6,988 Net income $ 60,340 $ 40,523 $ 27,435 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018,...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales $ 382,784 $ 293,244 $ 203,500 Cost of goods sold 230,436 186,210 130,240 Gross profit 152,348 107,034 73,260 Selling expenses 54,355 40,468 26,862 Administrative expenses 34,451 25,805 16,891 Total expenses 88,806 66,273 43,753 Income before taxes 63,542 40,761 29,507 Income tax expense 11,819 8,356 5,990 Net income $ 51,723 $ 32,405 $ 23,517 Complete the below table to calculate income statement data...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 397,455 $ 304,483 $ 211,300 Cost of goods sold 239,268 192,738 135,232 Gross profit 158,187 111,745 76,068 Selling expenses 56,439 42,019 27,892 Administrative expenses 35,771 26,795 17,538 Total expenses 92,210 68,814 45,430 Income before taxes 65,977 42,931 30,638 Income taxes 12,272 8,801 6,220 Net income $ 53,705 $ 34,130 $ 24,418 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 527,432 $ 404,056 $ 280,400 Cost of goods sold 317,514 252,939 179,456 Gross profit 209,918 151,117 100,944 Selling expenses 74,895 55,760 37,013 Administrative expenses 47,469 35,557 23,273 Total expenses 122,364 91,317 60,286 Income before taxes 87,554 59,800 40,658 Income tax expense 16,285 12,259 8,254 Net income $ 71,269 $ 47,541 $ 32,404 KORBIN...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 386,357 $ 295,981 $ 205,400 Cost of goods sold 232,587 186,172 131,456 Gross profit 153,770 109,809 73,944 Selling expenses 54,863 40,845 27,113 Administrative expenses 34,772 26,046 17,048 Total expenses 89,635 66,891 44,161 Income before taxes 64,135 42,918 29,783 Income tax expense 11,929 8,798 6,046 Net income $ 52,206 $ 34,120 $ 23,737 KORBIN...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 479,843 $ 367,599 $ 255,100 Cost of goods sold 288,865 230,117 163,264 Gross profit 190,978 137,482 91,836 Selling expenses 68,138 50,729 33,673 Administrative expenses 43,186 32,349 21,173 Total expenses 111,324 83,078 54,846 Income before taxes 79,654 54,404 36,990 Income tax expense 14,816 11,153 7,509 Net income $ 64,838 $ 43,251 $ 29,481 KORBIN...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 479,843 $ 367,599 $ 255,100 Cost of goods sold 288,865 230,117 163,264 Gross profit 190,978 137,482 91,836 Selling expenses 68,138 50,729 33,673 Administrative expenses 43,186 32,349 21,173 Total expenses 111,324 83,078 54,846 Income before taxes 79,654 54,404 36,990 Income tax expense 14,816 11,153 7,509 Net income $ 64,838 $ 43,251 $ 29,481 KORBIN...
Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended...
Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 392,189 $ 300,449 $ 208,500 Cost of goods sold 236,098 189,884 133,440 Gross profit 156,091 110,565 75,060 Selling expenses 55,691 41,462 27,522 Administrative expenses 35,297 26,440 17,306 Total expenses 90,988 67,902 44,828 Income before taxes 65,103 42,663 30,232 Income taxes 12,109 8,746 6,137 Net income $ 52,994 $ 33,917 $ 24,095 KORBIN COMPANY...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014...
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013   Sales $ 450,688 $ 345,264 $ 239,600   Cost of goods sold 271,314 216,826 153,344   Gross profit 179,374 128,438 86,256   Selling expenses 63,998 47,646 31,627   Administrative expenses 40,562 30,383 19,887   Total expenses 104,560 78,029 51,514   Income before taxes 74,814 50,409 34,742   Income taxes 13,915 10,334 7,053   Net income $ 60,899 $ 40,075 $ 27,689 KORBIN COMPANY Comparative Balance Sheets December 31, 2015, 2014, and...
Mariner, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Dollars in thousands                          &
Mariner, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Dollars in thousands                                                                 2019              2018                          2017 Net Sales Revenue                             $177,000           $154,000 Cost of Goods Sold                              94,000              87,500 Selling and Administrative Expenses   47,000                 39,500 Interest Expense                                8,500                 11,500 Income Tax Expense                   12,500                    9,500 Net Income                                 $15,000                     $6,000 Additional data: Total Assets                                    $202,000            $191,000           $171,000 Common Stockholders' Equity          94,500                86,500               80,000 Preferred Dividends                         2,000                       2,000                  0 Common Shares Outstanding During the Year            25,000            25,000     20,000 1. Calculate the profit...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT