KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 48,449 $ 37,906 $ 50,671 Long-term investments 0 700 4,130 Plant assets, net 88,607 94,480 55,461 Total assets $137,056 $133,086 $110,262 Liabilities and Equity Current liabilities $ 20,010 $ 19,830 $ 19, 296 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 40,546 36,756 35, 410 Total liabilities and equity $137,056 $133,086 $110,262 Problem 13-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Choose Numerator: Current Ratio Choose Denominator: 1 1 2017 Current ratio Curront ratio 0 to 1 O to 1 O to 1 1 2016 2015 . Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 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 $ 404,979 $ 310,247 $215,300 Cost of goods sold 243,797 196,076 137,792 Gross profit 161, 182 114,171 77,508 Selling expenses 57,507 42,814 28, 420 Administrative expenses 36, 448 27, 302 17,870 Total expenses 93,955 70, 116 46,290 Income before taxes 67,227 44,055 31,218 Income taxes 12,504 9,031 6,337 Net income $ 54,723 $ 35,024 $ 24,881 Problem 13-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage answers to 2 decimal places.) 2015 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales Cost of goods sold Gross profil Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income MacBook Pro Q 3 9 5 4 6 7 8 2 3 Q W E R Y T L J K H . D TI S G A