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[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 $ 292,600 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $ 550,381 $ 331,329 219,052 78,154 421,637 266,053 187,264 155,584 105,336 58,186 37,104 95,290 38,623 Total expenses 49,534 24.286 Income before taxes 127,688 62,909 91,364 60,294 12,360 Income tax expense 42,427 16,994 8,613 Net income 2$ 74,370 $ 47,934 24 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 Assets 2019 2018 2017 Current assets %24 61,979 24 41,483 24 55,453 Long-term investments Plant assets, net 600 4,440 111,633 102,135 59,592 Total assets $ 173,612 2$ 144,218 2$ 119,485 Liabilities and Equity Current liabilities %24 25,347 21.488 2$ 64,000 8,000 50,730 20,910 46,000 5,111 47,464 Common stock Other paid-in capital Retained earnings 64,000 8,000 76,265 Total liabilities and equity 24 173,612 $ 144,218 $ 119,485 2. Complete the below table to calculate income statement data in common-size percents. (Ro percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % Cost of goods sold -1 -1 -1 Gross profit Selling expenses -1 Administrative expenses Total expenses Income before taxes -1 -1 Income tax expense -1 -1 Net income %

[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 $ 292,600 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $ 550,381 $ 331,329 219,052 78,154 421,637 266,053 187,264 155,584 105,336 58,186 37,104 95,290 38,623 Total expenses 49,534 24.286 Income before taxes 127,688 62,909 91,364 60,294 12,360 Income tax expense 42,427 16,994 8,613 Net income 2$ 74,370 $ 47,934 24 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 Assets 2019 2018 2017 Current assets %24 61,979 24 41,483 24 55,453 Long-term investments Plant assets, net 600 4,440 111,633 102,135 59,592 Total assets $ 173,612 2$ 144,218 2$ 119,485 Liabilities and Equity Current liabilities %24 25,347 21.488 2$ 64,000 8,000 50,730 20,910 46,000 5,111 47,464 Common stock Other paid-in capital Retained earnings 64,000 8,000 76,265 Total liabilities and equity 24 173,612 $ 144,218 $ 119,485 2. Complete the below table to calculate income statement data in common-size percents. (Ro percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % Cost of goods sold -1 -1 -1 Gross profit Selling expenses -1 Administrative expenses Total expenses Income before taxes -1 -1 Income tax expense -1 -1 Net income %

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...
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[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 $ 421,637 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses $ 550,381 $ 292,600 331,329 266,053 155,584 187,264 219,052 105,336 78,154 49,534 127,688 58,186 38,623 37,104 95,290 24,286 Income before taxes 62,909 91,364 60,294 12,360 Income tax expense 42,427 16,994 8,613 Net income $ 74,370 24 47,934 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 Assets 2019 2018 2017 Current assets 24 61,979 24 41,483 $ 55,453 4,440 Long-term investments 600 Plant assets, net 111,633 102,135 59,592 Total assets $ 173,612 24 144,218 %2$ 119,485 Liabilities and Equity Current liabilities 2$ 25,347 2$ 64,000 21,488 2$ 64,000 8,000 50,730 20,910 46,000 5,111 Common stock Other paid-in capital Retained earnings 8,000 76,265 47,464 Total liabilities and equity 173,612 %24 144,218 2$ 119,485 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, 2019, 2018, and 2017 2019 2018 2017 Sales % % Cost of goods sold :- -1 Gross profit Selling expenses -1 Administrative expenses -1 Total expenses Income before taxes -1 -1 Income tax expense -1 -1 Net income
Transcribed Image Text:[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 $ 421,637 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses $ 550,381 $ 292,600 331,329 266,053 155,584 187,264 219,052 105,336 78,154 49,534 127,688 58,186 38,623 37,104 95,290 24,286 Income before taxes 62,909 91,364 60,294 12,360 Income tax expense 42,427 16,994 8,613 Net income $ 74,370 24 47,934 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 Assets 2019 2018 2017 Current assets 24 61,979 24 41,483 $ 55,453 4,440 Long-term investments 600 Plant assets, net 111,633 102,135 59,592 Total assets $ 173,612 24 144,218 %2$ 119,485 Liabilities and Equity Current liabilities 2$ 25,347 2$ 64,000 21,488 2$ 64,000 8,000 50,730 20,910 46,000 5,111 Common stock Other paid-in capital Retained earnings 8,000 76,265 47,464 Total liabilities and equity 173,612 %24 144,218 2$ 119,485 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, 2019, 2018, and 2017 2019 2018 2017 Sales % % Cost of goods sold :- -1 Gross profit Selling expenses -1 Administrative expenses -1 Total expenses Income before taxes -1 -1 Income tax expense -1 -1 Net income
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