Selected comparative financial statements of Korbin Company follow:

Required:
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 percents. (Round your percentage answers to 2 decimal places.)

3. Complete the below table to calculate the balance sheet data in trend percents with 2013 as the base year. (Round your percentage answers to 2 decimal places.)

Transcribed Image Text:

KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2013 2015 2014 $ 504,860 $ 386,764 $ 268,400 Sales Cost of goods sold 303,926 242,888 171,776 Gross profit Selling expenses Administrative expenses 200,934 143,876 96,624 35,429 22,277 71,690 53,373 45,437 34,035 Total expenses 57,706 117,127 87,408 38,918 Income before taxes 83,807 56,468 15,588 Income taxes 11,576 7,900 $ 31,018 $ 44,892 2$ 68,219 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2015, 2014, and 2013 2015 2014 2013 Assets Current assets $ 49,064 $ 38,386 2$ 51,314 Long-term investments Plant assets, net 600 4,630 93,979 99,914 59,135 Total assets $ 143,043 $ 138,900 $ 115,079 Liabilities and Equity $ 20,884 71,000 $ 20,696 71,000 Current liabilities 20,139 Common stock 53,000 Other paid-in capital Retained earnings 8,875 8,875 5,889 42,284 38,329 36,051 Total liabilities and equity $ 143,043 $ 138,900 $ 115,079