1 ! Part 1 of 3 Required Information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow: 5 points eBook KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 540, 788 $ 414,288 $ 287,580 Cost of goods sold 325,554 262,244 184,080 Gross profit 215,234 152,844 103,500 Selling expenses 76,792 57,172 37,950 Administrative expenses 48, 671 36,457 23,863 Total expenses 125,463 93,629 61,813 Income before taxes 89,771 58,415 41,687 Income taxes 16,697 11,975 8,462 Net income $ 73,074 $ 46,440 $ 33, 225 Print References 2016 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 Assets Current assets $ 53,193 Long-term investments Plant assets, net 97, 281 Total assets $ 158,474 Liabilities and Equity Current liabilities $ 21,969 Common stock 65,000 Other paid-in capital 8,125 Retained earnings 55,380 Total liabilities and equity $ 150,474 $ 41,617 1,080 103,499 $ 146, 116 $ 55,632 3,610 61,815 $ 121,857 $ 21,771 65,000 8,125 51,220 $ 146, 116 $ 21,185 47,880 5,222 47,650 $ 121,857 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: 1 Current ratio Current ratio 1 1 2017 = to 1 1 = to 1 2016 2015 1 = to 1 2 Part 2 of 3 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 540,788 $ 414,288 $ 287,500 Cost of goods sold 325,554 262,244 184,080 Gross profit 215,234 152,844 103,500 Selling expenses 76,792 57,172 37,950 Administrative expenses 48,671 36,457 23,863 Total expenses 125,463 93,629 61,813 Income before taxes 89,771 58,415 41,687 Income taxes 16,697 11,975 8,462 Net income $ 73, 274 $ 46,440 $ 33,225 5 points eBook Print 2016 2015 References KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 Assets Current assets $ 53,193 Long-term investments Plant assets, net 97,281 Total assets $ 150,474 Liabilities and Equity Current liabilities $ 21,969 Common stock 65,000 Other paid-in capital 8,125 Retained earnings 55,380 Total liabilities and equity $ 150,474 $ 41,617 $ 55,632 1,080 3,610 103,499 61,815 $ 146,116 $ 121,857 $ 21,771 65,000 8,125 51,220 $ 146, 116 $ 21,185 47, 5,222 47,650 $ 121,857 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2015 96 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales 96 96 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 96 Mc Graw Hill to 3 Part 3 of 3 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $540,788 $ 414,288 $ 287,580 Cost of goods sold 325,554 262,244 184,900 Gross profit 215,234 152,844 183,580 Selling expenses 76,792 57,172 37,950 Administrative expenses 48,671 36,457 23,863 Total expenses 125,463 93,629 61,813 Income before taxes 89,771 58,415 41,687 Income taxes 16, 697 11,975 8, 462 Net income $ 73,874 $ 46,440 $ 33,225 6 5 points eBook Print 2016 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 Assets Current assets $ 53,193 Long-term investments Plant assets, net 97,281 Total assets $ 150,474 Liabilities and Equity Current liabilities $ 21,969 Common stock 65,000 Other paid in capital 8,125 Retained earnings 55,380 Total liabilities and equity $ 150,474 $ 41,617 1,eee 103,499 $ 146, 116 $ 55,632 3,610 61,815 $ 121,857 References $ 21,771 65, eee 8,125 51,220 $ 146, 116 $ 21,185 47,80 5,222 47,650 $ 121,057 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 98 100.00% Long-term investments 100.00 Plant assets, net 100.00 100.00% Total assets THE 100.00% 100.00 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 100.00 100.00% Mc Graw Hill Bucation I ] 1 O Search