Selected comparative financial statements of Korbin Company follow. KORBIN COMPA

Question

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013 $555,000 283,500 340,000 212,500 $278,000 153,900 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses 271,500 102,900 50,668 127,500 46,920 29,920 124,100 50,800 22,800 Total expenses 153,568 76,840 73,600 Income before taxes Income taxes 117,932 40,800 50,660 10,370 50,500 15,670 Net income $ 77132 40,290 34,830

Explanation / Answer

KORBIN COMPANY Common size comparative income staements for the year end dec 31, 2015,2014,2013 2015 % 2014 % 2013 % sales 555000 100 340000 100 278000 100 COGS 283500 51.08108 212500 62.5 153900 55.35971 Gross profit 271500 48.91892 127500 37.5 124100 44.64029 selling expenses 102900 18.54054 46920 13.8 50800 18.27338 administrative expenses 50668 9.129369 29920 8.8 22800 8.201439 total expenses 153568 27.66991 76480 22.49412 73600 26.47482 income befor tax 117932 21.24901 50660 14.9 50500 18.16547 Income taxes 40800 7.351351 10370 3.05 15670 5.636691 Net income 77132 13.89766 40290 11.85 34830 12.52878 KORBIN COMPANY Common size comparative balance sheet for the year end dec 31, 2015,2014,2013 2015 % 2014 % 2013 % Current Assets 52390 101.2406 37924 73.28592 51748 100 Long term Investments 0 0 500 12.65823 3950 100 Plant assets 100000 166.6667 96000 160 60000 100 Total Assets 152390 131.7136 134424 116.1852 115698 100 Libilities and Equity Current Liabilities 22800 112.3153 19960 98.32512 20300 100 Common stocl 72000 120 72000 120 60000 100 other paid up capital 9000 150 9000 150 6000 100 retained earnings 48590 165.2834 33464 113.8309 29398 100 Total Liabilities and equity 152390 131.7136 134424 116.1852 115698 100 Formula (current year Item/base year item)*100

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