80.2K
Verified Solution
Link Copied!
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.
Answer & Explanation
Solved by verified expert