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Complete the below table to calculate the balance sheet data in trend percent with 2017 as the base year. PLEASE Explain your answer, I need
Complete the below table to calculate the balance sheet data in trend percent with 2017 as the base year.
PLEASE Explain your answer, I need to know how to get the % Thank you!!!
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 $ 441,659 $ 338, 347 $ 234,800 Cost of goods sold 265,879 211,805 150,272 Gross profit 175,780 126,542 84,528 Selling expenses 62,716 46,692 30,994 Administrative expenses 39,749 29,775 19,488 Total expenses 102,465 76,467 50,482 Income before taxes 73,315 50,075 34,046 Income tax expense 13,637 10,265 6,911 Net income $ 59,678 $ 39,810 $ 27,135 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 54,874 Long-term investments Plant assets, net 101,909 Total assets $ 156,783 Liabilities and Equity Current liabilities $ 22,890 Common stock 66,000 Other paid-in capital 8,250 Retained earnings 59,643 Total liabilities and equity $ 156,783 $ 36,727 500 93,012 $ 130,239 $ 49,096 3,740 55,067 $ 107,903 $ 19,406 66,000 8,250 36,583 $ 130,239 $ 18,883 48,000 5,333 35,687 $ 107,903 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.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 % % Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 100,00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 100.00 %Step by Step Solution
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