problem 17 - 2A ratios, common - size statements, and a trend percents LO P1, P2

Question

problem 17 - 2A ratios, common - size statements, and a trend percents LO P1, P2, P3

CHAPTER 17 GRADEDFX+ O https.//newconnectrnheducation.com/flow/connect.html CHAPTER 17 GRADED PROBLEM 2 Required information Problem 17-2A Ratios, common-size stetements, and trend percents LO P1, P2, P3 /The folowing information applies to the questions displayed below. Selected comparative financial statements of Korbin Company follow Pert 2 of 2 KORBIN COMPANY Comparative Incose Statements For Years Ended December 31, 2017, 2816, and 2815 points 2817 2016 2815 $466,300 $357,224 $247,980 Sales Cost of goods sold Gross profit Selling expenses Adninistrative expenses Total expenses Incone before taxes Incone taxes Net incone 289,713226,837 158,656 185,587 138,387 9,244 66,215 49,297 32,723 41,967 31,436 108,182 88,733 53,299 77,40549,654 35,945 14,39710, 1797 297 63,008 39,475 28,648 KORBIN COMPANY Comparative Balance Sheets Deceaber 31, 2017, 2016, and 2015 2017 2016/2015 Assets Currant assets s se,961 39,871 53,298

Explanation / Answer

Common Size income statement

2015

% of sales = individual value/value of sales

2016

% of sales = individual value/value of sales

2017

% of sales = individual value/value of sales

sales

247900

100%

357224

100%

466300

100%

less cost of goods sold

158656

64.00%

226837

63.50%

280713

60.20%

gross profit

89244

36.00%

130387

36.50%

185587

39.80%

selling expense

32723

13.20%

49297

13.80%

66215

14.20%

administrative expense

20576

8.30%

31436

8.80%

41967

9.00%

total expensnes

53299

21.50%

80733

22.60%

108182

23.20%

income before taxes

35945

14.50%

49654

13.90%

77405

16.60%

income tax

7297

2.94%

10179

2.85%

14397

3.09%

net income

28648

11.56%

39475

11.05%

63008

13.51%

Common Size income statement

2015

% of sales = individual value/value of sales

2016

% of sales = individual value/value of sales

2017

% of sales = individual value/value of sales

sales

247900

100%

357224

100%

466300

100%

less cost of goods sold

158656

64.00%

226837

63.50%

280713

60.20%

gross profit

89244

36.00%

130387

36.50%

185587

39.80%

selling expense

32723

13.20%

49297

13.80%

66215

14.20%

administrative expense

20576

8.30%

31436

8.80%

41967

9.00%

total expensnes

53299

21.50%

80733

22.60%

108182

23.20%

income before taxes

35945

14.50%

49654

13.90%

77405

16.60%

income tax

7297

2.94%

10179

2.85%

14397

3.09%

net income

28648

11.56%

39475

11.05%

63008

13.51%

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