Question

In: Accounting

[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company...

[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, 2016, 2015, and 2014
2016 2015 2014
Sales $ 550,381 $ 421,637 $ 292,600
Cost of goods sold 331,329 264,366 187,264
Gross profit 219,052 157,271 105,336
Selling expenses 78,154 58,186 38,623
Administrative expenses 49,534 37,104 24,286
Total expenses 127,688 95,290 62,909
Income before taxes 91,364 61,981 42,427
Income taxes 16,994 12,706 8,613
Net income $ 74,370 $ 49,275 $ 33,814
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2016, 2015, and 2014
2016 2015 2014
Assets
Current assets $ 45,997 $ 35,987 $ 48,106
Long-term investments 0 900 4,890
Plant assets, net 86,750 92,016 53,800
Total assets $ 132,747 $ 128,903 $ 106,796
Liabilities and Equity
Current liabilities $ 19,381 $ 19,207 $ 18,689
Common stock 69,000 69,000 51,000
Other paid-in capital 8,625 8,625 5,667
Retained earnings 35,741 32,071 31,440
Total liabilities and equity $ 132,747 $ 128,903 $ 106,796

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

2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)

3. Complete the below table to calculate the balance sheet data in trend percents with 2014 as the base year. (Round your percentage answers to 2 decimal places.)

Solutions

Expert Solution


Related Solutions

[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company...
[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, 2018, 2017, and 2016 2018 2017 2016 Sales $ 444,857 $ 340,797 $ 236,500 Cost of goods sold 267,804 215,043 151,360 Gross profit 177,053 125,754 85,140 Selling expenses 63,170 47,030 31,218 Administrative expenses 40,037 29,990 19,630 Total expenses 103,207 77,020 50,848 Income before taxes 73,846 48,734 34,292 Income tax expense 13,735 9,990 6,961...
Required information [The following information applies to the questions displayed below.] The comparative financial statements for...
Required information [The following information applies to the questions displayed below.] The comparative financial statements for Prince Company are below:      Year 2 Year 1 Income statement: Sales revenue $ 212,000 $ 172,500 Cost of goods sold 117,500 102,200 Gross profit 94,500 70,300 Operating expenses and interest expense 58,200 54,100 Pretax income 36,300 16,200 Income tax 10,200 5,100 Net income $ 26,100 $ 11,100 Balance sheet: Cash $ 6,200 $ 8,100 Accounts receivable (net) 15,100 19,100 Inventory 42,200 38,400 Property...
[The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow:...
[The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet December 31, 2015 and 2014 2015 2014   Assets   Cash $ 5     $ 12       Accounts receivable 308     229       Inventory 155     195       Prepaid expenses 8     5       Total current assets 476     441       Property, plant, and equipment 509     431           Less accumulated depreciation (86)    (71)      Net property, plant, and equipment 423     360       Long-term investments 24     31       Total assets $ 923     $ 832       Liabilities and...
Required information [The following information applies to the questions displayed below.] Comparative financial statements for Weaver...
Required information [The following information applies to the questions displayed below.] Comparative financial statements for Weaver Company follow: Weaver Company Comparative Balance Sheet at December 31 This Year Last Year Assets Cash $ 3 $ 12 Accounts receivable 307 231 Inventory 157 196 Prepaid expenses 9 6 Total current assets 476 445 Property, plant, and equipment 504 425 Less accumulated depreciation (85 ) (72 ) Net property, plant, and equipment 419 353 Long-term investments 29 35 Total assets $ 924...
Selected comparative financial statements of Korbin Company follow.
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 $ 484,546   $ 371,202   $ 257,600   Cost of goods sold   291,697     233,486     164,864   Gross profit   192,849     137,716     92,736   Selling expenses   68,806     51,226     34,003   Administrative expenses   43,609     32,666    ...
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...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT