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KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015...

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Accounting

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KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013 Sales Cost of goods sold 555,000 340,000 278,000 153,900 283,500 212,500 Gross profit Selling expenses Administrative expenses 127,500 46,920 29,920 124,100 50,800 22,800 271,500 102,900 50,668 Total expenses 153,568 76,840 73,600 Income before taxes Income taxes 117,932 40,800 50,660 10,370 50,500 15,670 Net Income $ 77132 $40,290 $34,830 KORBIN COMPANY Comparative Balance Sheets December 31, 2015, 2014, and 2013 2015 2014 2013 Assets Current assets Long-term Investments Plant assets, net $ 52.390 37,924 500 96.000 51.748 3.950 100,000 60,000 Total assets $152,390 134.424 $ 115.698 Liabilities and Equity Current labilities Common stock Other paid-In capital Retained earnings $ 22.800 19.960 20,300 60.000 6,000 29.398 72,000 9,000 48,590 72.000 9,000 33.464 Total Ilabilitles and equlty $ 152.390 134,424 $ 115,698

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