KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2014, 2013, and 2012
			2014				2013				2012
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
Administrative expenses			50,668				29,920				22,800
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
December 31, 2014, 2013, and 2012
			2014				2013				2012
Assets
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
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				29,398
Total liabilities and equity		$	152,390			$	134,424			$	115,698

rev: 09_16_2014_QC_53979

1.

value: 10.00 points

Required:
1.	Complete the below table to calculate each year's current ratio. (Round your answers to 1 decimal place.)
	Current Ratio Choose Numerator: / Choose Denominator: = Current ratio / = Current ratio 2014: / = to 1 2013: / = to 1 2012: / = to 1

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2.

value: 10.00 points

2.	Complete the below table to calculate income statement data in common-size percents. (Round your answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2014, 2013, and 2012 2014 2013 2012 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income % % %

3.

value: 10.00 points

3.	Complete the below table to calculate the balance sheet data in trend percents with 2012 as the base year. (Round your answers to 2 decimal places.)
	KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2014, 2013, 2012 2014 2013 2012 Assets Current assets 100.00% Long-term investments 100.00% Plant assets,net 100.00% Total assets 100.00% Liabilities and Equity Current liabilities 100.00% Common stock 100.00% Other paid-in capital 100.00% Retained earnings 100.00% Total liabilities and equity 100.00%