Selected comparative financial Statements of KordinCompany follow.ComparativeIncome StatementsFor Years Ended December 31SalesCost of goods soldGross profitSelling expensesKORBIN COMPANYAdministrative expensesTotal expensesIncome before taxesIncome tax expenseNet incomeAssetsCurrent assetsLong-term investments.Plant assets, netTotal assetsLiabilities and EquityCurrent liabilitiesKORBIN COMPANYComparative Balance SheetsAssetsCurrent assetsLong-term investmentsPlant assets, netTotal assets202120202019$548,688 $ 420,340 $ 291,700330, 310263,974186,688156,366105,01258,00738,50436,99024,21194,99761,36912,581$ 48,788Common stockOther paid-in capitalRetained earningsTotal liabilities and equityLiabilities and EquityCurrent liabilitiesCommon stockOther paid-in capitalRetained earningsTotal liabilities and equity218,37877,91449,382127,29691,08216,941$74,141December 312021$ 62,5740114,438$177,012$ 25,84465,0008,12578,043$177,012%%2020%3. Complete the below table to calculate the balance sheetdata in trend percents with 2019 as base year. (Round yourpercentage answers to 2 decimal places.)%62,71542,2978,586$ 33,711$ 41,8811,200103,962KORBIN COMPANYBalance Sheet Data in Trend PercentsDecember 31, 2021, 2020 and 20192021$ 55,9853,92061,920$147,043 $ 121,825$ 21,90965,0008,12552,009$ 21,31947,0005,22248,284$147,043 $ 121,82520192020%%%%

Introduction:- Trend analysis is one of the accounting technique. Accounting techniques known as…

Answered: Complete the below table to calculate…

Complete the below table to calculate the balance she ata in trend percents with 2019 as base year. (Round you ercentage answers to 2 decimal places.)

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter13: Financial Statement Analysis

Section: Chapter Questions

Problem 13.18MCE

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

Selected comparative financial Statements of Kordin
Company follow.
Comparative
Income Statements
For Years Ended December 31
Sales
Cost of goods sold
Gross profit
Selling expenses
KORBIN COMPANY
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
Assets
Current assets
Long-term investments.
Plant assets, net
Total assets
Liabilities and Equity
Current liabilities
KORBIN COMPANY
Comparative Balance Sheets
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
2021
2020
2019
$548,688 $ 420,340 $ 291,700
330, 310
263,974
186,688
156,366
105,012
58,007
38,504
36,990
24,211
94,997
61,369
12,581
$ 48,788
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
218,378
77,914
49,382
127,296
91,082
16,941
$74,141
December 31
2021
$ 62,574
0
114,438
$177,012
$ 25,844
65,000
8,125
78,043
$177,012
%
%
2020
%
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.)
%
62,715
42,297
8,586
$ 33,711
$ 41,881
1,200
103,962
KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2021, 2020 and 2019
2021
$ 55,985
3,920
61,920
$147,043 $ 121,825
$ 21,909
65,000
8,125
52,009
$ 21,319
47,000
5,222
48,284
$147,043 $ 121,825
2019
2020
%
%
%
%

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