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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...

Question:

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years En

2. Complete the below table to calculate Income statement data in common-size percents (Round your percentage answers to 2 de

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 524,799 $ 402,039 $ 279,000 Cost of goods sold 315,929 251,676 178,560 Gross profit 208,870 150,363 100, 440 Selling expenses 74,521 55,481 36,828 Administrative expenses 47,232 35, 379 23, 157 Total expenses 121,753 90,860 59,985 Income before taxes 87,117 59,583 40, 455 Income tax expense 16, 204 12,198 8,212 Net income $ 79,913 $ 47,305 $ 32,243 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 56,898 $ 38,882 Long-term investments 900 plant assets, net 105,669 96,062 Total assets $ 162,567 $ 135, 044 Liabilities and Equity Current liabilities $ 23,735 $ 20,122 Common stock 63.000 63,000 Other paid-in Capital 7,875 7,875 Retained earnings 67,957 44,047 Total liabilities and equity $ 162,567 $ 135,044 $ 58,987 4,720 56,257 $ 111,884 $ 19,580 45,000 5, oee 42 304 $ 111,884
2. Complete the below table to calculate Income statement data in common-size percents (Round your percentage answers to 2 decimal places.) KORDIN COMPANY Common Size Comparative Income Statements For Years Ended December 31, 2019, 2018 and 2017 2019 2018 2017 Cost of goods sold GIS proti Seling expenses Administrative expenses Total penes Income before taxes Not income

Answers

Answer
KORBIN COMPANY
Common size comparative income statements for the year end dec 31, 2019,2018,2017
2019 % 2018 % 2017 %
sales $     524,799 100 $     402,039 100 $     279,000 100
COGS $     315,929 60.20 $     251,676 62.60 $     178,560 64
Gross profit $     208,870 39.80 $     150,363 37.40 $     100,440 36
selling expenses $       74,521 14.20 $       55,481 13.80 $       36,828 13.20
administrative expenses $       47,232 9.00 $       35,379 8.80 $       23,157 8.30
total expenses $     121,753 23.20 $       90,860 22.60 $       59,985 21.50
income befor tax $       87,117 16.60 $       59,503 14.80 $       40,455 14.50
Income taxes $       16,204 3.09 $       12,198 3.03 $         8,212 2.94
Net income $       70,913 13.51 $       47,305 11.77 $       32,243 11.56
.

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