3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year.(Round your percentage answers to 2 decimal places.)
|
|
KORBIN COMPANY |
Balance Sheet Data in Trend Percents |
December 31, 2019, 2018 and 2017 |
|
2019 |
|
2018 |
|
2017 |
|
Assets |
|
Current assets |
|
% |
|
% |
100.00 |
% |
Long-term investments |
|
|
|
|
100.00 |
|
Plant assets, net |
|
|
|
|
100.00 |
|
Total assets |
|
% |
|
% |
100.00 |
% |
Liabilities and Equity |
|
Current liabilities |
|
% |
|
% |
100.00 |
% |
Common stock |
|
|
|
|
100.00 |
|
Other paid-in capital |
|
|
|
|
100.00 |
|
Retained earnings |
|
|
|
|
100.00 |
|
Total liabilities and equity |
|
% |
|
% |
100.00 |
% |
|
see pictures
Extracted text: Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 $ 267,500 171, 200 $ 503,168 302,907 200, 261 71,450 45, 285 $ 385,468 244,772 140,696 53,195 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 96,300 35,310 22,203 57,513 33,921 87,116 116,735 Income before taxes 83,526 53,580 10,984 $ 42,596 38,787 Income tax expense 15,536 7,874 Net income $ 67,990 $ 30,913 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 63,122 $ 42,248 $ 56,475 Long-term investments Plant assets, net 800 4,910 115,440 105, 283 61,507 Total assets $ 178,562 $ 148,331 $ 122,892 Liabilities and Equity Current liabilities $ 26,070 $ 22,101 $ 21,506 Common stock 68,000 8,500 68,000 8,500 50,000 5,556 other paid-in capital Retained earnings 49,730 $ 148,331 75,992 45,830 Total liabilities and equity $ 178,562 $ 122,892
Extracted text: 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity % % 100.00 %