Please help me 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentageanswers to 2 decimal places.)KORBIN COMPANYBalance Sheet Data in Trend PercentsDecember 31, 2021, 2020 and 2019202120202019AssetsCurrent assets100.00 %Long-term investments100.00Piant assets, net100.00Total assets100.00 %Liabilities and EquityCurrent liabilities100 00Common stock100.00Other paid-in capital100.00Retained earnings100.00Total liabilities and equity100.00 % KORBIN COMPANYComparative Income StatementsFor Years Ended December 31, 2021, 2020, and 2019202120202019$ 555,000283,500271,500102,90050,668153,568117,93240,800$ 77,132Sales$ 340,000212,500127,500Cost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome tax expense46,92029,92076,84050,66010,370$ 40,290$ 278,000153,900124,10050,80022,80073,60050,50015,670$ 34,830Net incomeKORBIN COMPANYComparative Balance SheetsDecember 31, 2021, 2020, and 2019202120202019AssetsCurrent assets$ 52,390$ 37,924$ 51,7483,95060,000$ 115,698Long-term investmentsPlant assets, net100,000$ 152,39050096,000$ 134,424Total assetsLiabilities and EquityCurrent liabilitiesCommon stockOther paid-in capitalRetained earnings$ 22,80072,0009,00048,590$ 19,96072,0009,00033,464$ 20,30060,0006,00029,398$ 115,698Total liabilities and equity$ 152,390$ 134,424

Trend analysis is one of the technique of financial statements analysis under which each item in…

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 Plant assets, net 100.00 100.00 100.00 % Total assets Liabilities and Equity Current labilities 100.00 % Common stock 100.00 Other paid-in capital 100.00

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 Plant assets, net 100.00 100.00 100.00 % Total assets Liabilities and Equity Current labilities 100.00 % Common stock 100.00 Other paid-in capital 100.00

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. ( Note: Assume a periodic inventory system.) b. Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were with-held from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,262, including state sales taxes of S48. ( Note: Assume a periodic inventory system.) e. Employers share of Social Security and Medicare taxes for the period were $620 and $145, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently).
Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
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