Homework SourseComplete the below table to calculate income statement data
Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
Complete the below table to calculate the balance sheet data in trend percents with 2013 as the base year. (Round your percentage answers to 2 decimal places.)
| KORBIN COMPANY | ||||||||||||
| Comparative Income Statements | ||||||||||||
| For Years Ended December 31, 2015, 2014, and 2013 | ||||||||||||
| 2015 | 2014 | 2013 | ||||||||||
| Sales | $ | 450,688 | $ | 345,264 | $ | 239,600 | ||||||
| Cost of goods sold | 271,314 | 216,826 | 153,344 | |||||||||
| Gross profit | 179,374 | 128,438 | 86,256 | |||||||||
| Selling expenses | 63,998 | 47,646 | 31,627 | |||||||||
| Administrative expenses | 40,562 | 30,383 | 19,887 | |||||||||
| Total expenses | 104,560 | 78,029 | 51,514 | |||||||||
| Income before taxes | 74,814 | 50,409 | 34,742 | |||||||||
| Income taxes | 13,915 | 10,334 | 7,053 | |||||||||
| Net income | $ | 60,899 | $ | 40,075 | $ | 27,689 | ||||||
Solution
Answers
Current Assets
/
Current Liabilities
=
Current Ratio
2013
$ 50,593.00
/
$ 19,266.00
=
2.63
2014
$ 37,847.00
/
$ 19,799.00
=
1.91
2015
$ 48,375.00
/
$ 19,980.00
=
2.42
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2015, 2014, and 2013
2015
2014
2013
Sales
$ 4,50,688.00
100.00%
$ 3,45,264.00
100.00%
$ 2,39,600.00
100.00%
Cost of goods sold
$ 2,71,314.00
60.20%
$ 2,16,826.00
62.80%
$ 1,53,344.00
64.00%
Gross profit
$ 1,79,374.00
39.80%
$ 1,28,438.00
37.20%
$ 86,256.00
36.00%
Selling expenses
$ 63,998.00
14.20%
$ 47,646.00
13.80%
$ 31,627.00
13.20%
Administrative expenses
$ 40,562.00
9.00%
$ 30,383.00
8.80%
$ 19,887.00
8.30%
Total expenses
$ 1,04,560.00
23.20%
$ 78,029.00
22.60%
$ 51,514.00
21.50%
Income before taxes
$ 74,814.00
16.60%
$ 50,409.00
14.60%
$ 34,742.00
14.50%
Income taxes
$ 13,915.00
3.09%
$ 10,334.00
2.99%
$ 7,053.00
2.94%
Net income
$ 60,899.00
13.51%
$ 40,075.00
11.61%
$ 27,689.00
11.56%
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2015, 2014, and 2013
2015
2014
2013
Amount
Increase (Decrease) over 2013
Increase (Decrease) in % over 2013
Amount
Increase (Decrease) over 2013
Increase (Decrease) in % over 2013
Assets
Current assets
$ 48,375.00
$ (2,218.00)
-4.38%
$ 37,847.00
$ (12,746.00)
-25.19%
$ 50,593.00
Long-term investments
$ -
$ (3,080.00)
-6.09%
$ 900.00
$ (2,180.00)
-4.31%
$ 3,080.00
Plant assets, net
$ 88,471.00
$ 32,051.00
63.35%
$ 94,135.00
$ 37,715.00
74.55%
$ 56,420.00
Total assets
$ 1,36,846.00
$ 26,753.00
52.88%
$ 1,32,882.00
$ 22,789.00
45.04%
$ 1,10,093.00
Liabilities and Equity
Current liabilities
$ 19,980.00
$ 714.00
1.41%
$ 19,799.00
$ 533.00
1.05%
$ 19,266.00
Common stock
$ 72,000.00
$ 18,000.00
35.58%
$ 72,000.00
$ 18,000.00
35.58%
$ 54,000.00
Other paid-in capital
$ 9,000.00
$ 3,000.00
5.93%
$ 9,000.00
$ 3,000.00
5.93%
$ 6,000.00
Retained earnings
$ 35,866.00
$ 5,039.00
9.96%
$ 32,083.00
$ 1,256.00
2.48%
$ 30,827.00
Total liabilities and equity
$ 1,36,846.00
$ 26,753.00
52.88%
$ 1,32,882.00
$ 22,789.00
45.04%
$ 1,10,093.00
| Current Assets | / | Current Liabilities | = | Current Ratio | |
| 2013 | $ 50,593.00 | / | $ 19,266.00 | = | 2.63 |
| 2014 | $ 37,847.00 | / | $ 19,799.00 | = | 1.91 |
| 2015 | $ 48,375.00 | / | $ 19,980.00 | = | 2.42 |
