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Item 17

Item 17 Part 1 of 3 1 points

Required information

[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	$	549,440		$	420,916		$	292,100
Cost of goods sold		330,763			264,756			186,944
Gross profit		218,677			156,160			105,156
Selling expenses		78,020			58,086			38,557
Administrative expenses		49,450			37,041			24,244
Total expenses		127,470			95,127			62,801
Income before taxes		91,207			61,033			42,355
Income tax expense		16,965			12,512			8,598
Net income	$	74,242		$	48,521		$	33,757

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
	2019			2018			2017
Assets
Current assets	$	56,586		$	37,873		$	50,627
Long-term investments		0			1,100			4,590
Plant assets, net		105,088			95,329			56,052
Total assets	$	161,674		$	134,302		$	111,269
Liabilities and Equity
Current liabilities	$	23,604		$	20,011		$	19,472
Common stock		64,000			64,000			46,000
Other paid-in capital		8,000			8,000			5,111
Retained earnings		66,070			42,291			40,686
Total liabilities and equity	$	161,674		$	134,302		$	111,269

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