100%GRADED A+CHAPTER 13 ANALYSIS OF FINANCIAL STATEMENTS HOMEWORK COMPLETE QUESTIONS WITH DETAILED VERIFIED ANSWERS LATEST 2024

Explanation 2.(a)Sales grew steadily for the entire period of 2013 to 2019. (However, beginning in 2017, cost of goods sold and operating expenses increased dramatically relative to sales, resulting in a significant reduction in net income.) (b) In 2019, net income was only 49.7% of the 2013 base year amount. Further, that percent was greatest in 2016 at 131.8% and declined in each year since that time. (c) Inventory sharply increased over this period 2017 $354,630 $246,100 4 Cost of goods 278,67 224,126 157,504 sold 4 Gross profit 130,50 184,2 4 0 Selling 65,734 48,939 32,485 expenses Administr Administrati 41,662 31,207 20,426 ve ses 107,39 Total expenses 107,39 80,146 52,911 6 Income before 76,844 50,358 35,685 taxes Income tax 14,293 10,323 7,244 expense Net income $ 62,551 $ 40,035 $ 28,441 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 58,992 $ 39,484 $ 52,780 Long-term investments 0 800 3,410 109,55 Plant assets, net 99,729 59,811 7 Total assets $ 16 1 $40,01 $116,001 ,01 3 8,5 4 9 Liabilities and Equity Current liabilities $ 24,608 $ 20,862 $ 20,300 Common stock 69,000 69,000 51,000