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 $ 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 tax expense 16,994 12,706 8,613 Net income $ 74,370 $ 49,275 $ 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 54,874 $ 36,727 $ 49,095 Long-term investments 0 1,000 3,610 Plant assets, net 101,908 92,511 55,197 Total assets $ 156,782 $ 130,238 $ 107,902 Liabilities and Equity Current liabilities $ 22,890 $ 19,405 $ 18,883 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 52,892 29,833 29,019 Total liabilities and equity $ 156,782 $ 130,238 $ 107,902
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 2017 as base year. (Round your percentage answers to 2 decimal places.)
2.
|
KORBIN COMPANY |
|
COMMON-SIZE COMPARATIVE INCOME STATEMENTS |
|
FOR THE YEAR ENDED DECEMBER 31,2019,2018,2017 |
|
YEARS |
2019 |
% |
2018 |
% |
2017 |
% |
|
$ |
$ |
$ |
||||
|
Sales |
550381.00 |
100.00% |
421637.00 |
100.00% |
292600.00 |
100.00% |
|
Cost of goods sold |
331329.00 |
60.20% |
264366.00 |
62.70% |
187264.00 |
64.00% |
|
Gross profit |
219052.00 |
39.80% |
157271.00 |
37.30% |
105336.00 |
36.00% |
|
Selling expenses |
78154.00 |
14.20% |
58186.00 |
13.80% |
38623.00 |
13.20% |
|
Administrative expenses |
49534.00 |
9.00% |
37104.00 |
8.80% |
24286.00 |
8.30% |
|
Total expenses |
127688.00 |
23.20% |
95290.00 |
22.60% |
62909.00 |
21.50% |
|
Income before taxes |
91364.00 |
16.60% |
61981.00 |
14.70% |
42427.00 |
14.50% |
|
Income taxes |
16994.00 |
3.09% |
12706.00 |
3.01% |
8613.00 |
2.94% |
|
Net Income |
74370.00 |
13.51% |
49275.00 |
11.69% |
33814.00 |
11.56% |
3.
|
KORBIN COMPANY |
|
Balance Sheet Data in Trend Percents |
|
December 31, 2019, 2018, 2017 |
|
YEARS |
2019 |
2018 |
2017 |
|
Assets |
|||
|
Current assets |
111.77% |
74.81% |
100.00% |
|
Long-term investments |
0.00% |
27.70% |
100.00% |
|
Plant assets, net |
184.63% |
167.60% |
100.00% |
|
Total assets |
145.30% |
120.70% |
100.00% |
|
Liabilities and Equity |
|||
|
Current liabilities |
121.22% |
102.76% |
100.00% |
|
Common stock |
133.33% |
133.33% |
100.00% |
|
Other paid-in capital |
150.00% |
150.00% |
100.00% |
|
Retained earnings |
182.27% |
102.81% |
100.00% |
|
Total liabilities and equity |
145.30% |
120.70% |
100.00% |
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