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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
ekkarill92 answered 2 years agoRelated 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...
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
$
13
$
12
Accounts receivable
305
230
Inventory
158
195
Prepaid expenses
8
5
Total current assets
484
442
Property, plant, and equipment
509
430
Less accumulated depreciation
(86
)
(70
)
Net property, plant, and equipment
423
360
Long-term investments
23
30
Total assets
$
930...
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...
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