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[The following information applies to the questions displayed below.] 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
$
413,068
$
316,444
$
219,600
Cost of goods sold
248,667
198,094
140,544
Gross profit
164,401
118,350
79,056
Selling expenses
58,656
43,669
28,987
Administrative expenses
37,176
27,847
18,227
Total expenses
95,832
71,516
47,214
Income before taxes
68,569
46,834
31,842
Income taxes
12,754
9,601
6,464
Net income
$
55,815
$
37,233
$
25,378
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2017, 2016, and 2015
2017
2016
2015
Assets
Current assets
$
51,776
$
40,508
$
54,150
Long-term investments
0
800
3,880
Plant assets, net
96,156
102,339
60,982
Total assets
$
147,932
$
143,647
$
119,012
Liabilities and Equity
Current liabilities
$
21,598
$
21,403
$
20,827
Common stock
72,000
72,000
54,000
Other paid-in capital
9,000
9,000
6,000
Retained earnings
45,334
41,244
38,185
Total liabilities and equity
$
147,932
$
143,647
$
119,012
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2017, 2016, and 2015
2017
2016
2015
Sales
%
%
%
Cost of goods sold
-1
-1
-1
Gross profit
Selling expenses
-1
-1
-1
Administrative expenses
-1
-1
-1
Total expenses
Income before taxes
-1
-1
-1
Income taxes
-1
-1
-1
Net income
%
%
%
3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round your percentage answers to 2 decimal places.)
KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2017, 2016 and 2015
2017
2016
2015
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
%
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