Homework A Saved 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, 2017, 2016, and 2015 2017 2016 2015 Sales $ 563, 171 $ 431,435 $ 299,400 Cost of goods sold 339,029 273,961 191,616 Gross profit 224, 142 157, 474 107,784 Selling expenses 79,970 59,538 39,521 Administrative expenses 50,685 37,966 24,850 Total expenses 130, 655 97,504 64,371 Income before taxes 93,487 59,970 43, 413 Income taxes 17,389 12,294 8,813 Net income $ 76,098 $ 47,676 $ 34,600 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 52,016 $ 40,696 $ 54,401 Long-term investments 0 5004 ,540 Plant assets, net 96,601 103,117 60, 622 Total assets $ 148,617 $ 144,313 $ 119,563 Liabilities and Equity Current liabilities $ 21,698 $ 21,503 $ 20,924 Common stock 69,000 69,000 51,000 Other paid-in capital 8,6258 ,625 5,667 Retained earnings 49,294 45,185 41,972 Total liabilities and equity $ 148,617 $144,313 $ 119,563 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 - 2017 2016 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income