Complete the below table to calculate income statement data in common-size perce
ID: 2410024 • Letter: C
Question
Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
Complete the below table to calculate the balance sheet data in trend percents with 2013 as the base year. (Round your percentage answers to 2 decimal places.)
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013 Sales $ 450,688 $ 345,264 $ 239,600 Cost of goods sold 271,314 216,826 153,344 Gross profit 179,374 128,438 86,256 Selling expenses 63,998 47,646 31,627 Administrative expenses 40,562 30,383 19,887 Total expenses 104,560 78,029 51,514 Income before taxes 74,814 50,409 34,742 Income taxes 13,915 10,334 7,053 Net income $ 60,899 $ 40,075 $ 27,689Explanation / Answer
Answers
Current Assets
/
Current Liabilities
=
Current Ratio
2013
$ 50,593.00
/
$ 19,266.00
=
2.63
2014
$ 37,847.00
/
$ 19,799.00
=
1.91
2015
$ 48,375.00
/
$ 19,980.00
=
2.42
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2015, 2014, and 2013
2015
2014
2013
Sales
$ 4,50,688.00
100.00%
$ 3,45,264.00
100.00%
$ 2,39,600.00
100.00%
Cost of goods sold
$ 2,71,314.00
60.20%
$ 2,16,826.00
62.80%
$ 1,53,344.00
64.00%
Gross profit
$ 1,79,374.00
39.80%
$ 1,28,438.00
37.20%
$ 86,256.00
36.00%
Selling expenses
$ 63,998.00
14.20%
$ 47,646.00
13.80%
$ 31,627.00
13.20%
Administrative expenses
$ 40,562.00
9.00%
$ 30,383.00
8.80%
$ 19,887.00
8.30%
Total expenses
$ 1,04,560.00
23.20%
$ 78,029.00
22.60%
$ 51,514.00
21.50%
Income before taxes
$ 74,814.00
16.60%
$ 50,409.00
14.60%
$ 34,742.00
14.50%
Income taxes
$ 13,915.00
3.09%
$ 10,334.00
2.99%
$ 7,053.00
2.94%
Net income
$ 60,899.00
13.51%
$ 40,075.00
11.61%
$ 27,689.00
11.56%
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2015, 2014, and 2013
2015
2014
2013
Amount
Increase (Decrease) over 2013
Increase (Decrease) in % over 2013
Amount
Increase (Decrease) over 2013
Increase (Decrease) in % over 2013
Assets
Current assets
$ 48,375.00
$ (2,218.00)
-4.38%
$ 37,847.00
$ (12,746.00)
-25.19%
$ 50,593.00
Long-term investments
$ -
$ (3,080.00)
-6.09%
$ 900.00
$ (2,180.00)
-4.31%
$ 3,080.00
Plant assets, net
$ 88,471.00
$ 32,051.00
63.35%
$ 94,135.00
$ 37,715.00
74.55%
$ 56,420.00
Total assets
$ 1,36,846.00
$ 26,753.00
52.88%
$ 1,32,882.00
$ 22,789.00
45.04%
$ 1,10,093.00
Liabilities and Equity
Current liabilities
$ 19,980.00
$ 714.00
1.41%
$ 19,799.00
$ 533.00
1.05%
$ 19,266.00
Common stock
$ 72,000.00
$ 18,000.00
35.58%
$ 72,000.00
$ 18,000.00
35.58%
$ 54,000.00
Other paid-in capital
$ 9,000.00
$ 3,000.00
5.93%
$ 9,000.00
$ 3,000.00
5.93%
$ 6,000.00
Retained earnings
$ 35,866.00
$ 5,039.00
9.96%
$ 32,083.00
$ 1,256.00
2.48%
$ 30,827.00
Total liabilities and equity
$ 1,36,846.00
$ 26,753.00
52.88%
$ 1,32,882.00
$ 22,789.00
45.04%
$ 1,10,093.00
Current Assets
/
Current Liabilities
=
Current Ratio
2013
$ 50,593.00
/
$ 19,266.00
=
2.63
2014
$ 37,847.00
/
$ 19,799.00
=
1.91
2015
$ 48,375.00
/
$ 19,980.00
=
2.42
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