Chap 17

The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow Comparative Income Statements For Years Ended December 31, 2817, 2816, and 2815 2817 2816 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income s 465, 548 356, 648 247,588 280,260 225,402 158,480 89,100 66,18849,217 32,670 41,899 31.38528,543 185,288 131,246 53,213 35,887 18,3827,285 s 62,987 s 40,262 $ 28,682 188,987 77,281 14, 374 80682 50,644 KORBIN COMPANY Comparative Balance Sheets Decerber 31, 2817 2816, and 2015 2817 2816 2815 Assets Current assets Long-term investments Plant assets, net Total assets $ 48,348 $ 37,827 $ 5e,566 3,788 56,787 5 138 138$ 134 138 $ 111, 133 89,798 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings s 20, 16 19.987 19 44 64 93064 038 6 99e toral liabilities and equity 5 138.21341355 111: 13