Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended…
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Question “Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended…”
Selected comparative financial statements of Korbin Company
follow:
KORBIN COMPANY | |||||||||
Comparative Income Statements | |||||||||
For Years Ended December 31, 2017, 2016, and 2015 | |||||||||
2017 | 2016 | 2015 | |||||||
Sales | $ | 554,143 | $ | 424,519 | $ | 294,600 | |||
Cost of goods sold | 333,594 | 269,145 | 188,544 | ||||||
Gross profit | 220,549 | 155,374 | 106,056 | ||||||
Selling expenses | 78,688 | 58,584 | 38,887 | ||||||
Administrative expenses | 49,873 | 37,358 | 24,452 | ||||||
Total expenses | 128,561 | 95,942 | 63,339 | ||||||
Income before taxes | 91,988 | 59,432 | 42,717 | ||||||
Income taxes | 17,110 | 12,184 | 8,672 | ||||||
Net income | $ | 74,878 | $ | 47,248 | $ | 34,045 | |||
1. Complete the below table to calculate each year’s current ratio. Current Ratio 1 Choose Denominator: Choose Numerator: = 2017 2016 2015 Current ratio Current ratio 0 to 1 0 to 1 0 to 1
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2015 Sales KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income
3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017, 2016 and 2015 2017 2016 2015 Assets Current assets L % % 100.00 % 100.00 100.00 100.00 % Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 % 100.00 100.00 100.00 100.00 %
Answer
2017 2016 2015 Numerator Current assets 49472 38706 51740 Current ratio Denominator / Current liabilities 21058 20868 / 20306 Current ratio Current ratio 2.35 to 1 1.85 to1 2.55 to1
Requirement for 2 KORBIN COMPANY – Common Size Comparative Statement
2015 Requirement : 3 KORBIN COMPANY. Balance sheet Data in Trend Percents December 31, 2017 and 2015 2017, Assets 95.62 % 74.81 % Investments 0.00 % 21.92 % Plants assets net 156.25% 165.80% Total assets 124.30 % 120.70 % Current liabilities 103.70% 102.77% Current liabilities Common stock 136.73 % 136.73 % Other capital 153.84 % 153.12 % 100% 100 % 100% 100 % 100% 100 % 100% 100 % 100% 100 % 100% 100% 100 % 100% 100 % 100% 100 % 100% 100 % 100% 100 % 100% 100 % 100% 100% of 100% 100% 100 % 100% 100 % 100% 100% 100 % 100% 100 % 100% 100% 100 % 100% 100% 100 % 100% 100% 100 % 100% 100% 100% 100 % 100% 100% 100 % 100% 100 % 100% 100% 100 %
Conclusion
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