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28 Sep 2019
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 397,455 $ 304,483 $ 211,300 Cost of goods sold 239,268 192,738 135,232 Gross profit 158,187 111,745 76,068 Selling expenses 56,439 42,019 27,892 Administrative expenses 35,771 26,795 17,538 Total expenses 92,210 68,814 45,430 Income before taxes 65,977 42,931 30,638 Income taxes 12,272 8,801 6,220 Net income $ 53,705 $ 34,130 $ 24,418
KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 53,412 $ 41,789 $ 55,862 Long-term investments 0 1,000 4,480 Plant assets, net 99,195 105,398 62,431 Total assets $ 152,607 $ 148,187 $ 122,773 Liabilities andEquity Current liabilities $ 22,281 $ 22,080 $ 21,485 Common stock 69,000 69,000 51,000 Other paid-in capital 8,625 8,625 5,667 Retained earnings 52,701 48,482 44,621 Total liabilities andequity $ 152,607 $ 148,187 $ 122,773
Required:
1. Complete the below table to calculate eachyear's current ratio.
2. Complete the below table to calculate incomestatement data in common-size percents.
3. Complete the below table to calculate thebalance sheet data in trend percents with 2015 as the baseyear.
KORBIN COMPANY | |||||||||
Comparative Income Statements | |||||||||
For Years Ended December 31, 2017, 2016, and 2015 | |||||||||
2017 | 2016 | 2015 | |||||||
Sales | $ | 397,455 | $ | 304,483 | $ | 211,300 | |||
Cost of goods sold | 239,268 | 192,738 | 135,232 | ||||||
Gross profit | 158,187 | 111,745 | 76,068 | ||||||
Selling expenses | 56,439 | 42,019 | 27,892 | ||||||
Administrative expenses | 35,771 | 26,795 | 17,538 | ||||||
Total expenses | 92,210 | 68,814 | 45,430 | ||||||
Income before taxes | 65,977 | 42,931 | 30,638 | ||||||
Income taxes | 12,272 | 8,801 | 6,220 | ||||||
Net income | $ | 53,705 | $ | 34,130 | $ | 24,418 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2017, 2016, and 2015 | |||||||||
2017 | 2016 | 2015 | |||||||
Assets | |||||||||
Current assets | $ | 53,412 | $ | 41,789 | $ | 55,862 | |||
Long-term investments | 0 | 1,000 | 4,480 | ||||||
Plant assets, net | 99,195 | 105,398 | 62,431 | ||||||
Total assets | $ | 152,607 | $ | 148,187 | $ | 122,773 | |||
Liabilities andEquity | |||||||||
Current liabilities | $ | 22,281 | $ | 22,080 | $ | 21,485 | |||
Common stock | 69,000 | 69,000 | 51,000 | ||||||
Other paid-in capital | 8,625 | 8,625 | 5,667 | ||||||
Retained earnings | 52,701 | 48,482 | 44,621 | ||||||
Total liabilities andequity | $ | 152,607 | $ | 148,187 | $ | 122,773 | |||
2. Complete the below table to calculate incomestatement data in common-size percents. 3. Complete the below table to calculate thebalance sheet data in trend percents with 2015 as the baseyear. |
Beverley SmithLv2
28 Sep 2019