3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places. Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % % % 2020 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places. Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % % % 2020 % % % % 2019 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 39E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...
Related questions
Question
![Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1,
[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements.
For Years Ended December 31
2021
Sales:
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
Assets
Current assets
2020
$436,580 $ 334,456
262,821
173,759
61,994
39,292
Long-term investments
Plant assets, net
Total assets
KORBIN COMPANY
Comparative Balance Sheets
December 31
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
212,045
122,411
46, 155
101,286
72,473
13,480
$ 58,993 $ 37,225
29,432
75,587
46,824
9,599
2021
$ 54,789
0
100, 200
$154,989
$ 22,628
72,000
9,000
51,361
2019
$ 232,100
148,544
83,556
30,637
19,264
49,901
33,655
6,832
$ 26,823
2020
$36,670
900
91,178
$ 128,748
2019
$ 49,019
4,420
53,229
$ 106,668
$19,183
72,000
9,000
28,565
$154,989 $ 128,748 $ 106,668
$ 18,667
54,000
6,000
28,001
Problem 17-2A (Algo) Part 3
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year.
Note: Round your percentage answers to 2 decimal places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F54779e31-9f51-4ea7-b33e-96294f7c4cb4%2F9857aeeb-c062-4451-bd74-18df60365e58%2Fgn7f9nn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1,
[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements.
For Years Ended December 31
2021
Sales:
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
Assets
Current assets
2020
$436,580 $ 334,456
262,821
173,759
61,994
39,292
Long-term investments
Plant assets, net
Total assets
KORBIN COMPANY
Comparative Balance Sheets
December 31
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
212,045
122,411
46, 155
101,286
72,473
13,480
$ 58,993 $ 37,225
29,432
75,587
46,824
9,599
2021
$ 54,789
0
100, 200
$154,989
$ 22,628
72,000
9,000
51,361
2019
$ 232,100
148,544
83,556
30,637
19,264
49,901
33,655
6,832
$ 26,823
2020
$36,670
900
91,178
$ 128,748
2019
$ 49,019
4,420
53,229
$ 106,668
$19,183
72,000
9,000
28,565
$154,989 $ 128,748 $ 106,668
$ 18,667
54,000
6,000
28,001
Problem 17-2A (Algo) Part 3
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year.
Note: Round your percentage answers to 2 decimal places.
![Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1,
[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements.
For Years Ended December 31
2021
Sales:
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
Assets
Current assets
2020
$436,580 $ 334,456
262,821
173,759
61,994
39,292
Long-term investments
Plant assets, net
Total assets
KORBIN COMPANY
Comparative Balance Sheets
December 31
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
212,045
122,411
46, 155
101,286
72,473
13,480
$ 58,993 $ 37,225
29,432
75,587
46,824
9,599
2021
$ 54,789
0
100, 200
$154,989
$ 22,628
72,000
9,000
51,361
2019
$ 232,100
148,544
83,556
30,637
19,264
49,901
33,655
6,832
$ 26,823
2020
$36,670
900
91,178
$ 128,748
2019
$ 49,019
4,420
53,229
$ 106,668
$19,183
72,000
9,000
28,565
$154,989 $ 128,748 $ 106,668
$ 18,667
54,000
6,000
28,001
Problem 17-2A (Algo) Part 3
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year.
Note: Round your percentage answers to 2 decimal places.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F54779e31-9f51-4ea7-b33e-96294f7c4cb4%2F9857aeeb-c062-4451-bd74-18df60365e58%2Fjmfn00dn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1,
[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements.
For Years Ended December 31
2021
Sales:
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income tax expense
Net income
Assets
Current assets
2020
$436,580 $ 334,456
262,821
173,759
61,994
39,292
Long-term investments
Plant assets, net
Total assets
KORBIN COMPANY
Comparative Balance Sheets
December 31
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
212,045
122,411
46, 155
101,286
72,473
13,480
$ 58,993 $ 37,225
29,432
75,587
46,824
9,599
2021
$ 54,789
0
100, 200
$154,989
$ 22,628
72,000
9,000
51,361
2019
$ 232,100
148,544
83,556
30,637
19,264
49,901
33,655
6,832
$ 26,823
2020
$36,670
900
91,178
$ 128,748
2019
$ 49,019
4,420
53,229
$ 106,668
$19,183
72,000
9,000
28,565
$154,989 $ 128,748 $ 106,668
$ 18,667
54,000
6,000
28,001
Problem 17-2A (Algo) Part 3
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year.
Note: Round your percentage answers to 2 decimal places.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning