KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales $ 430, 373 $ 329,701 Cost of go

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Korbin Company Comparative Income Statements For Years Ended December 31 2021 2020 Sales 430 373 329 701 Cost Of Go 1 (271.3 KiB) Viewed 45 times

KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales $ 430, 373 $ 329,701 Cost of goods sold 259,085 207,052 Gross profit 171,288 122,649 Selling expenses 61,113 45,499 Administrative expenses 38,734 29,014 Total expenses 99,847 74,513 Income before taxes 71,441 48, 136 Income tax expense 13,288 9,868 Net income $ 58,153 $ 38,268 2019 $ 228,800 146,432 82,368 30, 202 18,990 49,192 33, 176 6,735 $ 26, 441 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 57,616 $ 38,563 $ 51,549 Long-term investments 0 900 3,990 Plant assets, net 107,002 97,284 57,756 Total assets $ 164,618 $ 136, 747 $ 113,295 Liabilities and Equity Current liabilities $ 24,034 $ 20,375 $ 19,827 Common stock 64,000 64,000 46,000 Other paid-in capital 8,000 8,000 5, 111 Retained earnings 68,584 44,372 42,357 Total liabilities and equity $ 164,618 $ 136, 747 $ 113,295 1
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 % % % Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % %
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00% Common stock 100.00 Other paid-in capital 100.00 100.00 Retained earnings Total liabilities and equity % % 100.00%
4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? Yes Ο Νο (b) Did income as a percent of sales improve in the most recent year compared to the prior year? Yes No (c) Did plant assets grow over this period? Yes 2 No