Required information[The following information applies to the questions displayed below.]Selected comparative financial statements of Korbin Company follow.KORBIN COMPANYComparative Income StatementsFor Years Ended December 3120212020$ 431,313 $ 330,421259,650SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxes.Income tax expenseNet incomeAssetsCurrent assetsLong-term investmentsPlant assets, netTotal assets171,66361,24638,818100,064Liabilities and EquityCurrent liabilitiesCommon stockOther paid-in capitalRetained earningsTotal liabilities and equityDecember 31209,156121,265KORBIN COMPANYComparative Balance Sheets71,59913,317$ 58,282 $ 37,039202145,59829,07774,67546,5909,551$ 54,7290103,218$ 157,947$2019229,300146,75282,54830,26819,03249,30033,2486,749$ 26,499$ 19,55071,0008,87531,78120192020$36,630$ 48,96670093,876$131,206 $ 108,7044,66055,078$ 19,02353,000$ 23,06071,0008,87555,012$ 157,947. $ 131,206 $ 108,7045,88930,792Chec Current liabilities.Common stockOther paid-in capitalRetained earningsTotal liabilities and equity2. Complete the below table to calculate income statement data in common-size percents.Note: Round your percentage answers to 2 decimal places.SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome tax expenseNet income$ 23,060 $ 19,55071,00071,0008,87555,012KORBIN COMPANYCommon-Size Comparative Income StatementsFor Years Ended December 31, 2021, 2020, and 201920212020%$ 19,02353,0005,8898,87531,78130,792$ 157,947 $ 131,206 $ 108,704%%%2019%%

Under common size income statement every component of income statement is presented as a % of sales.

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 $ 431,313 $330,421 $ 229,300 209, 156 146,752 82,548 30,268 Sales Cost of goods sold. Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 259,650 171,663 61,246 38,818 100,064 121,265 45,598 29,077 74,675 71,599 46,590 13,317 9,551 $ 58,282 $ 37,039 KORBIN COMPANY Comparative Balance Sheets December 31 19,032 49,300 33,248 6,749 $ 26,499

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 $ 431,313 $330,421 $ 229,300 209, 156 146,752 82,548 30,268 Sales Cost of goods sold. Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 259,650 171,663 61,246 38,818 100,064 121,265 45,598 29,077 74,675 71,599 46,590 13,317 9,551 $ 58,282 $ 37,039 KORBIN COMPANY Comparative Balance Sheets December 31 19,032 49,300 33,248 6,749 $ 26,499

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter14: Financial Statement Analysis

Section: Chapter Questions

Problem 26E: Comprehensive income Anson Industries, Inc., reported the following information on its 20Y1 income...

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Comprehensive income Anson Industries, Inc., reported the following information on its 20Y1 income statement: Prepare the following for Anson Industries, Inc.: A. Income statement, including comprehensive income. B. Income statement and a separate statement of comprehensive income.
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Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 481,724 $369,040 289,998 191,726 68,405 43,355 111,760 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Assets Current assets Long-term investments Plant assets, net Total assets 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 79,966 14,874 52,403 10,743 $ 65,092 $ 41,660 KORBIN COMPANY Comparative Balance Sheets December 31 233,233 135,807 50,928 32,476 83,404 2021 2020 $ 56,542 0…
[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 Sales. Cost of goods sold Gross profit Selling expenses 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 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 Sales Cost of goods sold Gross profit! Selling expenses 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 Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and…
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[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…
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