Selected comparative financial statements of Korbin Company follow Comparative I

Question

Selected comparative financial statements of Korbin Company follow Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 Sales Cost of goods sold 465,548 $356,648 $ 247,500 158,400 280,260 223,975 Gross profit Selling expenses Administrative expenses 185,288 66,108 41,899 132,673 49.217 31,385 89,100 32,670 20,543 Total expenses 108,007 80,602 53.213 Income before taxes Income taxes 77.281 14,374 52,071 10,675 35,887 7,285 Net income 62,907 41396 28,602 KORBIN COMPANY Comparative Balance Sheets December 31, 2015, 2014, and 2013 2015 2014 2013 Assets Current assets Long-term investments Plant assets, net s 50147 $39,234 800 99,093 52.446 4,710 58,111 93,130 Total assets $ 143.277S139,127 115,267 Liabilities and Equity Current labilities Common stock Other paid-in capital Retained earnings $ 20.918 $20.730 20,172 46.000 5,111 43,984 64,000 8,000 50.359 64.000 8.000 46.397 Total Ilabilities ond equity s 143.277 139127 $ 115.267

Explanation / Answer

1). Current Ratio :-

2015 = Current Assets / Current Liabilities = $50147 / $20918 = 2.4 Times

2014 = $39234 / $20730 = 1.89 Times

2013 = $52446 / $20172 = 2.6 Times

2).

3) Balance Sheet

Particulars 2015 % 2014 % 2013 % Sales $465548 100 356648 100 247500 100 Cost of Goods Sold (280260) 60,2 223974 62.8 158400 64 Gross Profit 185288 39.8 132673 37.2 89100 36 Selling Expenses (66108) 14.2 (49217) 13.8 (32670) 13.2 Administration Exp. (41899) 9 (31385) 8.8 (20543) 8.3 Total Expense 108007 23.2 80602 22.6 53213 21.5 Income Before Taxes 77281 16.6 52071 14.6 35887 14.50 Income Tax 14374 3.087 10675 2.99 7285 2.94 Net Income 62907 13.51 41396 11.61 28602 11.56

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