KORBIN COMPANYComparative Income StatementsFor Years Ended December 31, 2019, 2018, and 2017 201920182017Sales$459,716 $352,180 $244,400 Cost of goods sold 276,749 223,282 156,416 Gross profit 182,967 128,898 87,984 Selling expenses 65,280 48,601 32,261 Administrative expenses 41,374 30,992 20,285 Total expenses 106,654 79,593 52,546 Income before taxes 76,313 49,305 35,438 Income tax expense 14,194 10,108 7,194 Net income$62,119 $39,197 $28,244 KORBIN COMPANYComparative Balance SheetsDecember 31, 2019, 2018, and 2017 201920182017Assets Current assets$58,718 $39,300 $52,535 Long-term investments 0 500 4,280 Plant assets, net 109,047 99,561 58,646 Total assets$167,765 $139,361 $115,461 Liabilities and Equity Current liabilities$24,494 $20,765 $20,206 Common stock 65,000 65,000 47,000 Other paid-in capital 8,125 8,125 5,222 Retained earnings 70,146 45,471 43,033 Total liabilities and equity$167,765 $139,361 $115,461 KORBIN COMPANYBalance Sheet Data in Trend PercentsDecember 31, 2019, 2018 and 2017201920182017AssetsCurrent assets%%100.00 %Long-term investments0.0011.60100.00Plant assets, net100.00Total assets%0%100.00 %Liabilities and EquityCurrent liabilities%%100.00 %Common stock100.00Other paid-in capital100.00Retained earnings100.00Total liabilities and equity%%100.00 % KORBIN COMPANYComparative Income StatementsFor Years Ended December 31, 2019, 2018, and 2017201920182017$ 459,716276,749182,96765, 28041,374$ 352,180223,282128,89848,60130,992$ 244,400156,41687,98432,26120,28552,546SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal expenses106,65479,59349,30510,108$ 39,197Income before taxes76,31314,194$ 62,11935,4387,194Income tax expenseNet income$ 28,244KORBIN COMPANYComparative Balance SheetsDecember 31, 2019, 2018, and 2017201920182017Assets$ 58,718$ 39,300$ 52,5354, 28058,646Current assetsLong-term investmentsPlant assets, net50099,561$ 139,361109,047Total assets$ 167,765$ 115,461Liabilities and Equity$ 24,49465,0008,12570,146$ 20,76565,0008,12545,471Current liabilities$ 20, 206Common stockOther paid-in capitalRetained earnings47,0005,22243,033Total liabilities and equity$ 167,765$ 139,361$ 115,461

Solution: Korbin Company Balance sheet data in Trend Percent Dec 31, 2021, 2020 and 2019…

KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 459,716 $ 352,180 $ 244,400 Cost of goods sold 276,749 223,282 156,416 Gross profit 182,967 128,898 87,984 Selling expenses 65,280 48,601 32,261 Administrative expenses 41,374 30,992 20,285 Total expenses 106,654 79,593 52,546 Income before taxes 76,313 49,305 35,438 Income tax expense 14,194 10,108 7,194 Net income $ 62,119 $ 39,197 $ 28,244 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 58,718 $ 39,300 $ 52,535 Long-term investments 0 500 4,280 Plant assets, net 109,047 99,561 58,646 Total assets $ 167,765 $ 139,361 $ 115,461 Liabilities and Equity Current liabilities $ 24,494 $ 20,765 $ 20,206 Common stock 65,000 65,000 47,000 Other paid-in capital 8,125 8,125 5,222 Retained earnings 70,146 45,471 43,033 Total liabilities and equity $ 167,765 $ 139,361 $ 115,461

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter9: Long-term Liabilities

Section: Chapter Questions

Problem 103.1C: Leverage Cook Corporation issued financial statements at December 31, 2019, that include the...

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KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2019, 2018, and 2017
	2019	2018	2017
Sales	$	459,716		$	352,180	$	244,400
Cost of goods sold		276,749			223,282		156,416
Gross profit		182,967			128,898		87,984
Selling expenses		65,280			48,601		32,261
Administrative expenses		41,374			30,992		20,285
Total expenses		106,654			79,593		52,546
Income before taxes		76,313			49,305		35,438
Income tax expense		14,194			10,108		7,194
Net income	$	62,119		$	39,197	$	28,244

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
	2019	2018	2017
Assets
Current assets	$	58,718		$	39,300	$	52,535
Long-term investments		0			500		4,280
Plant assets, net		109,047			99,561		58,646
Total assets	$	167,765		$	139,361	$	115,461
Liabilities and Equity
Current liabilities	$	24,494		$	20,765	$	20,206
Common stock		65,000			65,000		47,000
Other paid-in capital		8,125			8,125		5,222
Retained earnings		70,146			45,471		43,033
Total liabilities and equity	$	167,765		$	139,361	$	115,461

KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2019, 2018 and 2017
2019
2018
2017
Assets
Current assets
%
%
100.00 %
Long-term investments
0.00
11.60
100.00
Plant assets, net
100.00
Total assets
%
0%
100.00 %
Liabilities and Equity
Current liabilities
%
%
100.00 %
Common stock
100.00
Other paid-in capital
100.00
Retained earnings
100.00
Total liabilities and equity
%
%
100.00 %

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2019, 2018, and 2017
2019
2018
2017
$ 459,716
276,749
182,967
65, 280
41,374
$ 352,180
223,282
128,898
48,601
30,992
$ 244,400
156,416
87,984
32,261
20,285
52,546
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
106,654
79,593
49,305
10,108
$ 39,197
Income before taxes
76,313
14,194
$ 62,119
35,438
7,194
Income tax expense
Net income
$ 28,244
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
2019
2018
2017
Assets
$ 58,718
$ 39,300
$ 52,535
4, 280
58,646
Current assets
Long-term investments
Plant assets, net
500
99,561
$ 139,361
109,047
Total assets
$ 167,765
$ 115,461
Liabilities and Equity
$ 24,494
65,000
8,125
70,146
$ 20,765
65,000
8,125
45,471
Current liabilities
$ 20, 206
Common stock
Other paid-in capital
Retained earnings
47,000
5,222
43,033
Total liabilities and equity
$ 167,765
$ 139,361
$ 115,461

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