KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2014, 2013, and 2012
			2014				2013				2012
Sales		$	555,000			$	340,000			$	278,000
Cost of goods sold			283,500				212,500				153,900
Gross profit			271,500				127,500				124,100
Selling expenses			102,900				46,920				50,800
Administrative expenses			50,668				29,920				22,800
Total expenses			153,568				76,840				73,600
Income before taxes			117,932				50,660				50,500
Income taxes			40,800				10,370				15,670
Net income		$	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			$	37,924			$	51,748
Long-term investments			0				500				3,950
Plant assets, net			100,000				96,000				60,000
Total assets		$	152,390			$	134,424			$	115,698
Liabilities and Equity
Current liabilities		$	22,800			$	19,960			$	20,300
Common stock			72,000				72,000				60,000
Other paid-in capital			9,000				9,000				6,000
Retained earnings			48,590				33,464				29,398
Total liabilities and equity		$	152,390			$	134,424			$	115,698

rev: 09_16_2014_QC_53979

1.

value: 10.00 points

Required:

1.

Complete the below table to calculate each year's current ratio. (Round your answers to 1 decimal place.)

Current Ratio
	Choose Numerator:	/	Choose Denominator:	=	Current ratio
		/		=	Current ratio
2014:		/		=		to 1
2013:		/		=		to 1
2012:		/		=		to 1

ask your instructor a questioncheck my workreferencesebook & resources

2.

value: 10.00 points

2.

Complete the below table to calculate income statement data in common-size percents. (Round your answers to 2 decimal places.)

KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2014, 2013, and 2012
	2014		2013		2012
Sales		%		%		%
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
Income taxes
Net income		%		%		%

3.

value: 10.00 points

3.

Complete the below table to calculate the balance sheet data in trend percents with 2012 as the base year. (Round your answers to 2 decimal places.)

KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2014, 2013, 2012
	2014	2013	2012
Assets
Current assets			100.00%
Long-term investments			100.00%
Plant assets,net			100.00%
Total assets			100.00%
Liabilities and Equity
Current liabilities			100.00%
Common stock			100.00%
Other paid-in capital			100.00%
Retained earnings			100.00%
Total liabilities and equity			100.00%