Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY...

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Accounting

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

$

496,208

$

380,136

$

263,800

Cost of goods sold

298,717

237,965

168,832

Gross profit

197,491

142,171

94,968

Selling expenses

70,462

52,459

34,822

Administrative expenses

44,659

33,452

21,895

Total expenses

115,121

85,911

56,717

Income before taxes

82,370

56,260

38,251

Income taxes

15,321

11,533

7,765

Net income

$

67,049

$

44,727

$

30,486

KORBIN COMPANY

Comparative Balance Sheets

December 31, 2017, 2016, and 2015

2017

2016

2015

Assets

Current assets

$

53,975

$

42,229

$

56,450

Long-term investments

0

1,200

3,890

Plant assets, net

98,713

104,836

62,498

Total assets

$

152,688

$

148,265

$

122,838

Liabilities and Equity

Current liabilities

$

22,292

$

22,091

$

21,497

Common stock

73,000

73,000

55,000

Other paid-in capital

9,125

9,125

6,111

Retained earnings

48,271

44,049

40,230

Total liabilities and equity

$

152,688

$

148,265

$

122,838

1. Complete the below table to calculate each year's current ratio.

2. Complete the below table to calculate income statement data in common size percent.

3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year.

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