connect ch-17 2023 Business Finance
2023 Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For
| Selected comparative financial statements of Korbin Company follow: |
| KORBIN COMPANY | ||||||||||||
| Comparative Income Statements | ||||||||||||
| For Years Ended December 31, 2014, 2013, and 2012 | ||||||||||||
| 2014 | 2013 | 2012 | ||||||||||
| Sales | $ | 437,333 | $ | 335,033 | $ | 232,500 | ||||||
| Cost of goods sold | 263,274 | 211,406 | 148,800 | |||||||||
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| Gross profit | 174,059 | 123,627 | 83,700 | |||||||||
| Selling expenses | 62,101 | 46,235 | 30,690 | |||||||||
| Administrative expenses | 39,360 | 29,483 | 19,298 | |||||||||
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| Total expenses | 101,461 | 75,718 | 49,988 | |||||||||
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| Income before taxes | 72,598 | 47,909 | 33,712 | |||||||||
| Income taxes | 13,503 | 9,821 | 6,844 | |||||||||
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| Net income | $ | 59,095 | $ | 38,088 | $ | 26,868 | ||||||
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| KORBIN COMPANY | ||||||||||||
| Comparative Balance Sheets | ||||||||||||
| December 31, 2014, 2013, and 2012 | ||||||||||||
| 2014 | 2013 | 2012 | ||||||||||
| Assets | ||||||||||||
| Current assets | $ | 52,013 | $ | 40,694 | $ | 54,398 | ||||||
| Long-term investments | 0 | 1,000 | 4,870 | |||||||||
| Plant assets, net | 96,595 | 102,610 | 60,288 | |||||||||
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| Total assets | $ | 148,608 | $ | 144,304 | $ | 119,556 | ||||||
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| Liabilities and Equity | ||||||||||||
| Current liabilities | $ | 21,697 | $ | 21,501 | $ | 20,922 | ||||||
| Common stock | 66,000 | 66,000 | 48,000 | |||||||||
| Other paid-in capital | 8,250 | 8,250 | 5,333 | |||||||||
| Retained earnings | 52,661 | 48,553 | 45,301 | |||||||||
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| Total liabilities and equity | $ | 148,608 | $ | 144,304 | $ | 119,556 | ||||||
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rev: 09_16_2014_QC_53979
10.00 points
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| 1. |
Complete the below table to calculate each year’s current ratio. (Round your answers to 1 decimal place.)
3. Complete the below table to calculate the balance sheet data in trend percents with 2012 as the base year. (Round your answers to 2 decimal places.) |
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