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 2017 as base year. (Round your percentage answers to 2 decimal places.)

4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year?

multiple choice 1

• Yes

• No

(b) Did income as a percent of sales improve in the most recent year? multiple choice 2

• Yes

• No

(c) Did plant assets grow over this period? multiple choice 3

• Yes

• No

[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, 2019, 2018, and 2017 2019 2018 2017 Sales $379, 398 $290,650 $ 201,700 Cost of goods sold 228, 398 183,691 129,088 Gross profit 151,000 106,959 72,612 Selling expenses 53,875 40, 110 26,624 Administrative expenses 34,146 25,577 16,741 Total expenses 88,021 65,687 43,365 Income before taxes 62,979 41,272 29, 247 Income tax expense 11,714 8,461 5,937 Net income $ 51,265 $ 32,811 $ 23, 310 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 54, 647 $ 36,575 $ 48,892 Long-term investments 0 1,100 4,800 Plant assets, net 101,487 92,024 53, 764 Total assets $ 156, 134 $129,699 $ 107,456 Liabilities and Equity Current liabilities $ 22,796 $ 19,325 $ 18,805 Common stock 67,000 67,000 49,000 Other paid-in capital 8,375 8,375 5,444 Retained earnings 57,963 34,999 34,207 Total liabilities and equity $ 156, 134 $129,699 $ 107,456 Required: 1. Complete the below table to calculate each year's current ratio