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Saved Help Save & Exit mework Check Requireu Torild LIUI Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 437,897 $335,465 $232,800 Cost of goods sold 263,614 213,020 148,992 Gross profit 174,283 122,445 83,808 Selling expenses 62,181 46,294 30,730 Administrative expenses 39,411 29,521 19,322 Total expenses 101,592 75,815 50,052 Income before taxes 72,691 Income tax expense 46,630 33, 756 13,521 9,559 6,852 Net income $ 59,170 $ 37,071 $ 26,904 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 53, 356 $ 35,711 $ 47,738 Long-term investments 1,100 3,230 Plant assets, net 102,201 92,409 56,091 Total assets $ 155,557 $129,220 $ 107,059 Liabilities and Equity Current liabilities $ 22,711 $ 19, 254 $ 18,735 Common stock 63,000 63,000 45,000 Other paid-in capital 7,875 7,875 Retained earnings 5,000 61,971 39,091 38,324 E AREA KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 53,356 $ 35,711 $ 47,738 Long-term investments 0 1,100 3,230 Plant assets, net 102,201 92,409 56,091 Total assets $ 155,557 $129,220 $ 107,059 Liabilities and Equity Current liabilities $ 22,711 $ 19,254 $ 18,735 Common stock 63,000 63,000 45,000 Other paid-in capital 7,875 7,875 5,000 Retained earnings 61,971 39,091 38,324 Total liabilities and equity $ 155,557 $ 129,220 $ 107,059 Problem 13-2A Part 2 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, 2019, 2018, and 2017 2019 2018 Sales 100.001% 100.00% Cost of goods sold 2017 100.00% Problem 13-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 100.00% KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00% 100.00% Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % %

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