ANIVETA Comparative Income Statements For Years Ended December 31, 2017, 2016 and 2015 2017 2016 2015 Sales $ 515,018 $ 394,546 $ 273,800 Cost of goods sold 310,041 248, 959 175, 232 Gross profit 204,977 145,587 98,568 Selling expenses 73, 133 54, 447 36142 Administrative expenses 46,352 34, 720 22725 Total expenses 119 485 89, 167 58 867 Income before taxes 85, 492 56, 420 39 701 Income taxes 15,902 11, 566 8,059 Net income $ 69,590 $ 44,854 $ 31 642 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017 2016 and 2015 2017 2016 Assets Current assets $ 51,009 S39908 Long-term investments 500 Plant assets, not 194230 101110 Total asset $ 145739 $141018 Liabilities and Equity Current abilities $ 21 228 21080 Common stock 70000 70 000 Other paid in capital 8750 B250 Retained earnings 25011 1201682 Total liabilities and equity $ 145739 S1410918 S5348 4080 220 SA2208 20sna 52000 S2 38952 SA12248 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2015 100.00% KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales 100.00% 100.00% Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 56 % Plum Corporation began the month of May with $1,000,000 of current assets, a current ratio of 2.40:1, and an acid-test ratio of 1.40:1 During the month, it completed the following transactions (the company uses a perpetual inventory system). May 2 Purchased $60,000 of merchandise inventory on credit. B Soid merchandise inventory that cost $60,000 for $145,000 cash. 10 Collected $24,000 cash on an account receivable. 15 Paid $26,500 cash to settle an account payable. 17 Wrote of a $5,000 bad debt against the Allowance for Doubtful Accounts account. 22 Declared a $1 per share cash dividend on Itu 57,000 shares of outstanding common stock. 26 Paid the dividend declared on May 22. 27 Borrowed $100,000 cash by giving the bank a 30-day, 109 note. 28 Borrowed $115,000 cash by signing a long-term secured note. 29 Used the $215,000 cash proceeds from the notes to buy new machinery. Required: Complete the table below showing Plum's (1) current ratio. (2) acid-test ratio, and (3) working capital after each transaction. (Do not round Intermediate calculations. Round your ratios to 2 decimal places and the working capitals to nearest dollar amount Subtracted amount should be indicated with a minus sign.) Transaction Quick Current Assets Assets Current Liabilities Current Ratio Acid-Test Ratio Working Capital 5 1,000,000 S 583,333 S 416,667 240 1.40 $ 583,333 Beginning May 2 Balance May B transaction GUTEN ASSELS Assets UUTTOM LITsuurene ato ACITOS Ratio Working Capital $ 1,000,000 $ 583,333 $ 416,667 2.40 1.40 $ 583,333 Beginning May 2 Balance May 8 Balance May 10 ce Balance May 15 Balance May 17 Balance + May 22 Balance May 26 Balance May 22 Balance May 26 Balance May 27 Balance May 28 Balance May 29 Balance