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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
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 2015 as the base year. (Round your percentage answers to 2 decimal places.)
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[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, 2017, 2016, and 2015 | |||||||||
2017 | 2016 | 2015 | |||||||
Sales | $ | 440,342 | $ | 337,338 | $ | 234,100 | |||
Cost of goods sold | 265,086 | 211,511 | 149,824 | ||||||
Gross profit | 175,256 | 125,827 | 84,276 | ||||||
Selling expenses | 62,529 | 46,553 | 30,901 | ||||||
Administrative expenses | 39,631 | 29,686 | 19,430 | ||||||
Total expenses | 102,160 | 76,239 | 50,331 | ||||||
Income before taxes | 73,096 | 49,588 | 33,945 | ||||||
Income taxes | 13,596 | 10,166 | 6,891 | ||||||
Net income | $ | 59,500 | $ | 39,422 | $ | 27,054 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2017, 2016, and 2015 | |||||||||
2017 | 2016 | 2015 | |||||||
Assets | |||||||||
Current assets | $ | 53,155 | $ | 41,588 | $ | 55,593 | |||
Long-term investments | 0 | 1,100 | 3,100 | ||||||
Plant assets, net | 97,214 | 103,326 | 62,280 | ||||||
Total assets | $ | 150,369 | $ | 146,014 | $ | 120,973 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 21,954 | $ | 21,756 | $ | 21,170 | |||
Common stock | 68,000 | 68,000 | 50,000 | ||||||
Other paid-in capital | 8,500 | 8,500 | 5,556 | ||||||
Retained earnings | 51,915 | 47,758 | 44,247 | ||||||
Total liabilities and equity | $ | 150,369 | $ | 146,014 | $ | 120,973 | |||
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