Selected comparative financial statements of Korbin Company follow: KORBIN COMPA
ID: 2484125 • Letter: S
Question
Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 20
Everything is correct except the blank sections. I need help with plant assest, net 2014 and other paid in capital 2013,2014.
ezto.mheducation.com Ch 17 Assignment Chegg Study | Guided Solutions and Study Help | Chegg.com [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, 2015, 2014, and 2013 2015 2014 2013 Sales Cost of goods sold $ 396,327 303,619 210,700 134,848 238,589 191,584 Gross profit Selling expenses Administrative expenses 157,738 56,278 35,669 112,035 41,899 26,718 75,852 27,812 17,488 Total expenses 91,947 68,617 45,300 30,552 6,202 43,418 Income before taxes Income taxes 65,791 12,237 8,901 Net income $ 53,554 34,517 24,350 KORBIN COMPANY Comparative Balance Sheets December 31, 2015, 2014, and 2013 2015 2014 2013 Assets Current assets Long-term investments Plant assets, net $ 50,430 39,455 52,743 3,120 58,907 0 92,229 400 98,672 Total assets $142,659 138,527 114,770 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 20,828 20,641 20,085 45,000 5,000 44,685 63,000 7,875 50,956 63,000 7,875 47,011 Total liabilities and equity $ 142,659 $138,527 114,770Explanation / Answer
Answer:
Plant asset, net in 2014 and 2015 is expressed in percentage with respect to the plant asset, net of 2013.
As mentioned in the question,
Plant Asset, net in 2015 (%) = (Plant asset, net in 2015 / Plant asset, net in 2013)*100
Plant Asset, net in 2015 (%) = (92229/58907)*100 = 156.56
On the similar note, Plant Asset, net in 2014 (%) can also be calculated as desired in the question.
Plant Asset, net in 2014 (%) = (Plant asset, net in 2014 / Plant asset, net in 2013)*100
Plant Asset, net in 2014 (%) = (98672/58907)*100 = 167.50
Similarly,
Other paid in capital, 2014 (%) = (other paid in capital, 2014 / other paid in capital, 2013)*100
Other paid in capital, 2014 (%) = (7875/5000)*100 = 157.5
Other paid in capital, 2015 (%) = (other paid in capital, 2015 / other paid in capital, 2013)*100
Other paid in capital, 2015 (%) = (7875/5000)*100 = 157.5
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.