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Selected comparative financial statements of Korbin Company follow PROBLEM SET A KORBIN COMPANY Comparative Income Statements For Years Ended December 31,2014, 2013, and 2012 Problem 13-1A Ratios, common-size statements, and trend percents P1 P2 P3 2014 2013 2012 Sales Cost of goods sold Gross profit Selling expenses $555,000 $340,000 $278,000 283.500 212.500 153.900 271,500 27,500 24,100 50,800 22.800 76,840 73,600 50,500 102,900 50,668 46,920 29,920 mhhe.com/wildFINMANSe Total expenses Income before taxes Income taxes Net income 117,932 50,660 $ 77,132 40,290 $34,830 KORBIN COMPANY Comparative Balance Sheets December 31,2014,2013, and 2012 2014 2013 2012 Assets Current assets $52,390 37,92451.748 3.950 60,000 $152,390 $134,424 $115,698 500 100,000 Plant assets, net Total assets 96,000 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity . $ 22.800 19.960 20.300 60,000 6,000 33,46429.398 72,000 9,000 48,590 72, 000 9,000 34424 $115.699 152,390 $134,424 Required 1. Compute each year's current ratio. (Round ratio amounts to one decimal.) 2. Express the income statement data in common-size percents. (Round percents to two decimals.) 598 Chapter 13 Analysis of Financial Statements Check