For years ended X4 20X3 and 20X2 20X4 20X3 20X2 Sales 555000

For years ended x4 20x3 and 20x2 20x4 20x3 20x2 sales

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For years ended December 31, 20X4, 20X3, and 20X2 20X4 20X3 20X2 Sales $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Admin expenses 50,668 29,920 22,800
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Total expenses $153,568 $76,840 $73,600 Income before taxes 117,932 50,660 50,500 Income taxes 40,800 10,370 15,670 Net income $77,132 $40,290 $34,830 Korbin Company - Comparative Balance Sheets At December 31, 20X4, 20X3 and 20X2 Assets: 20X4 20X3 20X2 Current assets $52,390 $37,924 $51,748 Long-term investments $0 $500 $3,950 Plant assets, net 100,000 96,000 60,000 Total assets $152,390 $134,424 $115,698 Liabilities and Equity: 20X4 20X3 20X2 Current liabilities $22,800 $19,960 $20,300 Common stock 72,000 72,000 60,000 Other paid in capital 9,000 9,000 6,000 Retained earnings 48,590 33,464 29,390 Total Liabilities & Equity $152,390 $134,424 $115,698 Required: 1) Express the income statement data in common size percentages. (Round percentages to two decimal places.) 2) Express the balance sheet data in trend percentages with 20X2 as the base year. (Round percentages to 0 decimal places.)
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3) Provide a statement for senior management in which you comment on the significant relationships revealed by the ratio and percentages computed in the above two questions plus calculate one significant liquidity, solvency and profitability ratio, as required, to provide the status of the company, based on the analysis of performance measures. Question # 6. Presented below is the comparative balance sheet for Gilmour Company. Gilmour Company Comparative Balance Sheet As of December 31,2015 and 2014 2015 2014 Assets Cash $180,000 275000 Accounts receivable ( net ) 220,000 155,000 Short-term investments 270,000 150,000 Inventories 1,060,000 980,000 Prepaid expenses 25,000 25,000 Plant and Equipment 2,585,000 1,950,000 Accumulated depreciation (1,000,000) (750,000) Total Assets $3,340,000 2785000 Liabilities and stockholders' Equity Accounts payable $50,000 $75,000 Accrued Expenses 170,000 200,000
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Bonds payable 450,000 190,000 Capital Stock 2,100,000 1,770,000 Retained earnings 570,000 550,000 Total Liabilities & Stockholders’ Equity $3,340,000 $2,785,000 Instructions (Round to two decimal places.) Required: 1. Prepare a comparative balance sheet of Gilmour Company showing the percent each item is of the total assets or total liabilities and stockholders’ equity.
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  • Fall '19
  • Balance Sheet, Generally Accepted Accounting Principles, Gilmour Company

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