my answers are wrong please explain how can I solve correctly !! Selected comparative...
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Accounting
my answers are wrong please explain how can I solve correctly !!
Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income S 437,709 335,321 $ 232,700 148,928 83,772 30,716 19,314 263, 501 174,208 211,252 124,069 46,274 29,508 75,782 48,287 9,899 62,155 39,394 101 549 33,742 6,850 $ 59,144 38,388 $ 26,892 72,659 13,515 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets $ 49,451 38,690 51,719 4,350 56,474 S 139,891 135,839 $ 112,543 700 96,449 90,440 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 20,424 20,240 19,695 50,000 5,556 37,292 S 139,891 135,839 $ 112,543 68,000 8,500 42,967 68,000 8,500 39,099
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