Complete the below table to calculate income statement data in common-size perce
ID: 2469757 • Letter: C
Question
Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
2015 2014 2013
Sales
COGS
Gross Profit
Selling Expenses
Administrative Expenses
Total Expenses
Income before taxes
Income Taxes
2015 2014 2013
Assets
Current Assets
Longterm Investments
Plant Assets, net
Total Assets
Equities and Liabilities
Current Liabilities
Common Stock
Other paid-in capital
Retained Earnings
KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013 Sales $ 556,588 $ 426,392 $ 295,900 Cost of goods sold 335,066 268,627 189,376 Gross profit 221,522 157,765 106,524 Selling expenses 79,035 58,842 39,059 Administrative expenses 50,093 37,522 24,560 Total expenses 129,128 96,364 63,619 Income before taxes 92,394 61,401 42,905 Income taxes 17,185 12,587 8,710 Net income $ 75,209 $ 48,814 $ 34,195
Explanation / Answer
Solution KORBIN COMPANY KORBIN COMPANY Comparative Income Statements Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 For Years Ended December 31, 2015, 2014, and 2013 In c0mmon size percents 2015 2014 2013 2015 2014 2013 Sales S % 100.00 100.00 100.00 Sales $ 556,588 426,392 295,900 Cost of goods sold C C/S*100 60.20 63.00 64.00 Cost of goods sold 335,066 268,627 189,376 Gross profit G G/S*100 39.80 37.00 36.00 Gross profit 221,522 157,765 106,524 Selling expenses Se Se/S*100 14.20 13.80 13.20 Selling expenses 79,035 58,842 39,059 Administrative expenses Ad Ad/S*100 9.00 8.80 8.30 Administrative expenses 50,093 37,522 24,560 Total expenses T T/S*100 23.20 22.60 21.50 Total expenses 129,128 96,364 63,619 Income before taxes I I/S*100 16.60 14.40 14.50 Income before taxes 92,394 61,401 42,905 Income taxes It IT/S*100 3.09 2.95 2.94 Income taxes 17,185 12,587 8,710 Net income % 13.51 11.45 11.56 Net income $ 75,209 48,814 34,195 Sales is 100% all ar calcualated in Terms of sales KORBIN COMPANY KORBIN COMPANY Comparative Balance Sheets Comparative Balance Sheets December 31, 2015, 2014, and 2013 December 31, 2015, 2014, and 2013 In c0mmon size percents 2015 2014 2013 2015 2014 2013 Assets Assets Current assets CA CA/TA*100 % 34.30 27.64 44.59 Current assets $ 49,545 38,763 51,817 Long-term investments L L/TA*100 0.00 0.71 4.27 Long-term investments 0 1,000 4,960 Plant assets, net P P/Ta*100 65.70 71.65 51.14 Plant assets, net 94,902 100,500 59,431 Total assets TA=100% % 100.00 100 100 Total assets $ 144,447 140,263 116,208 Liabilities and Equity Liabilities and Equity Current liabilities CL CL/TL*100 % 14.60 14.90 17.50 Current liabilities $ 21,089 20,899 20,336 Common stock CS Cs/TL*100 49.85 51.33 46.47 Common stock 72,000 72,000 54,000 Other paid-in capital O O/TL*100 6.23 6.42 5.16 Other paid-in capital 9,000 9,000 6,000 Retained earnings R R/TL*100 29.32 27.35 30.87 Retained earnings 42,358 38,364 35,872 Total liabilities and equity TL=100% % 100 100 100 Total liabilities and equity $ 144,447 140,263 116,208
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