291 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2016 2015 Sales $ 508,811 $ 389,791 $ 270,500 Cost of goods sold 306, 304 245,568 173, 120 Gross profit 202,507 144, 223 97,380 Selling expenses 72,251 53,791 35,706 Administrative expenses 45,793 34,302 22,452 Total expenses 118,944 88,093 58,158 Income before taxes 84,463 56,130 39,222 Income taxes 15,710 11,507 7,962 Net income $ 68,753 $ 44,623 $ 31,260 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 53,057 $ 41,511 $ 55,498 Long-term investments 1,000 4,400 plant assets, net 97,033 103,232 6 0,858 $ 150, e90 Total assets $ 145,743 $ 120,748 Liabilities and Equity Current liabilities $ 21,913 $ 21,716 $ 21, 131 Common stock 63,000 45,000 Other paid-in capital 7,875 7,875 5,000 Retained earnings 57, 302 53.252 49,617 Total liabilities and equity $ 150,0905145,743 $ 120,748 63,000 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 100.00 % 100.00 100.00 100.00% Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 % 100.00 100.00 100.00 100.00% 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2015 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income