Course: ACC 1201 - Principles of Accounting II Program Outcome: Understand the components of financial...
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Course: ACC 1201 - Principles of Accounting II Program Outcome: Understand the components of financial statements The comparative statements of Corbin Company are presented below the Years Eaded December 31 Net sales (all on account) Expenses $600,500 $520,800 14,600 353,300 Selling and administrative 119,900 113,000 7,800 6,300 17.900 14,200 560,200 486,800 40,300 $ 34,000 Cost of goods sold Interest expense Income tax expense Total expenses Net income Current assets Cash 20,800 17,100 18,600 14,300 86,400 73,400 89,900 69,100 215,700 173,900 422,000 383,800 637,700 $557,700 Accounts receivable (net) InventonY Total current assets Plant assets (net) Total assets Liabilities and Stockholders' Equity Current liabilities Accounts payable Income taxes payable $122,800 $109,800 22,100 20,300 144,900 130,100 Total current liabilities Long-term liabilities Bonds payable Total Eabilities Stockholders" equity 119,600 79,600 264,500 209,700 Common stock ($5 par) Retained earnings 145,600 145,600 227,600 202,400 373,200 348,000 Total liabilities and stockholders" equity $637,700 $557,700 Total stockholders' equity Additional data The common stock recently sold at $18.25 per share. Part I Compute the following ratios for
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