Required information
[The following information applies to the questions
displayed below.]
Selected comparative financial statements of...
Required information
[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, 2017, 2016, and
2015
2017
2016
2015
Sales
$
517,275
$
396,275
$
275,000
Cost of goods sold
311,400
250,050
176,000
Gross profit
205,875
146,225
99,000
Selling expenses
73,453
54,686
36,300
Administrative expenses
46,555
34,872
22,825
Total expenses
120,008
89,558
59,125
Income before taxes
85,867
56,667
39,875
Income taxes
15,971
11,617...
[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, 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
21,381
Total expenses
112,415
83,892
55,384
Income before taxes
80,434
53,824
37,352
Income tax expense
14,961
11,034
7,582...
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
$
555,000
$
340,000
$
278,000
Cost of goods
sold
283,500
212,500
153,900
Gross
profit
271,500
127,500
124,100
Selling
expenses
102,900
46,920
50,800
Administrative
expenses
50,668
29,920
22,800
Total
expenses
153,568
76,840
73,600
Income before
taxes
117,932
50,660
50,500
Income
taxes
40,800
10,370
15,670
Net income
$
77,132
$
40,290
$
34,830
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
$
459,340
$
351,892
$
244,200
Cost of goods sold
276,523
222,396
156,288
Gross profit
182,817
129,496
87,912
Selling expenses
65,226
48,561
32,234
Administrative expenses
41,341
30,966
20,269
Total expenses
106,567
79,527
52,503
Income before taxes
76,250
49,969
35,409
Income taxes
14,183
10,244
7,188
Net income
$
62,067
$
39,725
$
28,221
KORBIN COMPANY...
Problem 17-2A Ratios, common-size statements, and trend percents
LO P1, P2, P3 [The following information applies...
Problem 17-2A Ratios, common-size statements, and trend percents
LO P1, P2, P3 [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, 2017, 2016, and 2015 2017 2016 2015
Sales $505,425 $387,197 $268,700 Cost of goods sold 304,266 243,547
171,968 Gross profit 201,159 143,650 96,732 Selling expenses 71,770
53,433 35,468 Administrative expenses 45,488 34,073 22,302 Total
expenses 117,258 87,506 57,770 Income before taxes...
Problem 17-2A Ratios, common-size statements, and trend percents
LO P1, P2, P3 [The following information applies...
Problem 17-2A Ratios, common-size statements, and trend percents
LO P1, P2, P3 [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, 2017, 2016, and 2015 2017 2016 2015
Sales $505,425 $387,197 $268,700 Cost of goods sold 304,266 243,547
171,968 Gross profit 201,159 143,650 96,732 Selling expenses 71,770
53,433 35,468 Administrative expenses 45,488 34,073 22,302 Total
expenses 117,258 87,506 57,770 Income before taxes...
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
$
385,229
$
295,117
$
204,800
Cost of goods sold
231,908
185,924
131,072
Gross profit
153,321
109,193
73,728
Selling expenses
54,703
40,726
27,034
Administrative expenses
34,671
25,970
16,998
Total expenses
89,374
66,696
44,032
Income before taxes
63,947
42,497
29,696
Income tax expense
11,894
8,712
6,028
Net income
$
52,053
$
33,785
$
23,668
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
$
385,229
$
295,117
$
204,800
Cost of goods sold
231,908
185,924
131,072
Gross profit
153,321
109,193
73,728
Selling expenses
54,703
40,726
27,034
Administrative expenses
34,671
25,970
16,998
Total expenses
89,374
66,696
44,032
Income before taxes
63,947
42,497
29,696
Income tax expense
11,894
8,712
6,028
Net income
$
52,053
$
33,785
$
23,668
KORBIN...
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
$
24
$
12
Accounts receivable
306
229
Inventory
155
194
Prepaid expenses
8
6
Total current assets
493
441
Property, plant, and
equipment
511
432
Less accumulated
depreciation
(85
)
(72
)
Net property, plant, and
equipment
426
360
Long-term investments
26
32
Total assets
$
945...
[The following information applies to the questions
displayed below.]
The comparative financial statements prepared at December...
[The following information applies to the questions
displayed below.]
The comparative financial statements prepared at December 31,
2015, for Prince Company showed the following summarized data:
2015
2014
Income statement:
Sales revenue
$
191,000
*
$
168,400
Cost
of goods sold
113,900
101,500
Gross profit
77,100
66,900
Operating expenses and interest expense
58,000
55,000
Pretax income
19,100
11,900
Income tax
5,730
3,570
Net
income
$
13,370
$
8,330
Balance sheet:
Cash
$
4,900
$
6,500...