KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 500,910 $383,738 $ 266,300 Cost of goods sold 301,548 243,290 170,432 Gross profit 199,362 140,448 95,868 Selling expenses 71,129 52,956 35,152 Administrative expenses 45,082 33,769 22,103 Total expenses 116,211 86,725 57,255 Income before taxes 83,151 53,723 38,613 Income tax expense 15,466 11,013 7,838 Net income $ 67,685 $ 42, 710 $ 30,775 es 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 60,677 $ 40,611 Long-term investments 0 500 Plant assets, net 110,969 101,474 Total assets $ 171,646 $ 142,585 Liabilities and Equity Current liabilities $ 25,060 $ 21,245 Common stock 73,000 73,000 Other paid-in capital 9,125 9,125 Retained earnings 64,461 39,215 Total liabilities and equity $ 171,646 $ 142,585 $ 54,288 4,490 59,354 $ 118,132 $ 20,673 55,000 6,111 36,348 $ 118, 132 Problem 13-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: Current ratio Current ratio 11 I 1 1 2019 2018 II 0 to 1 0 to 1 11 2017 1 = 0 to 1 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.) 2017 % 5 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % 7 8 9 A tv 24 Problem 13-2A Part 3 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 % 100.00% Assets Current assets Long-term investments Piant assets, net Total assets Liabilities and Equity Current liabilities 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 % % % 8