KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015,

Question

KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013 $524,987 316,042 $ 402.183 279,100 178,624 Sales Cost of goods sold 253,777 Gross profit Selling expenses Administrative expenses 208,945 74,548 47,249 148,406 55,501 35,392 100,476 36,841 23,165 Total expenses 121,797 90,893 60,006 Income before taxes Income taxes 87148 16,210 57,513 11,790 40,470 8,215 Net income $ 70,938 45,72332,255 KORBIN COMPANY Comparative Balance Sheets December 31, 2015, 2014, and 2013 2015 2014 2013 Assets Current assets Long-term investments Plant assets, net $ 54,073 42,30656,553 3,920 62,589 0 98,893 900 105,330 Total assets $152,966 $148,536 123,062 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 22,333 22,132 21,536 54,000 6,000 41,526 72,000 9,000 49,633 72,000 9,000 45,404 Total liabilities and equity $ 152,966 $148,536 123,062

Explanation / Answer

2 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013 Sales 100.00% 100.00% 100.00% Cost of goods sold 60.20% 63.10% 64.00% Gross profit 39.80% 36.90% 36.00% Selling expenses 14.20% 13.80% 13.20% Administrative expenses 9.00% 8.80% 8.30% Total expenses 23.20% 22.60% 21.50% Income before taxes 16.60% 14.30% 14.50% Income taxes 3.09% 2.93% 2.94% Net income 13.51% 11.37% 11.56% KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2015, 2014, 2013 2015 2014 2013 Assets Current assets 95.61% 74.81% 100% Long-term investments 0.00% 22.96% 100% Plant assets, net 158.00% 168.29% 100% Total assets 124.30% 120.70% 100% Liabilities and Equity Current liabilities 103.70% 102.77% 100% Common stock 133.33% 133.33% 100% Other paid-in capital 150.00% 15.00% 100% Retained earnings 119.52% 109.34% 100% Total liabilities and equity 124.30% 114.12% 100%

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