KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2816 520,285 398,581 276,680 177,024 99,576 36,511 22,958 59,469 48,187 313,212 251 196 Cost of goods soled Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes 147,475 55,804 35,875E 90.079 57,396 11,766 8,142 207,073 73,880 46,826 120,706 86,367 16,064 Net income $ 70,303 45,630 31,965 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2815 2017 Assets Current assets Long-term investments Plant assets, net Total assets $54,18 42,333 56,589 3,576 98,956 105,19862,982 $153,864 $ 148,631 123,141 1,180 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 22,347 22,146 21,550 70,000 78,eee 52,800 5,778 51,96747,735 43,813 153,064 148,631 123,141 8,750 8,750 Required: 1. Complete the below table to calculate each year's current ratio. Current ratio 2016 2015 2 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 s 520,285 $398,581 276,689 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 313,212177,824 251,186 147,47599,576 287,073 73,888 46,826 120,766 86,367 55,004 35,075 90,879 57,396 16,064 11,76682 36,511 22,958 59,469 40, 107 8,142 $ 70, 303 45,630 31,965 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 20172816 2015 Assets Current assets Long-term investments Plant assets, net Total assets 54,108 42,333 56,589 3,570 62,982 1,1e0 98,956 s 153,064 148,631 123,141 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 22,347 $ 22,146 21,550 70,8e0 78,e 52,80 5,778 8,750 51,967 8,750 47:73543,813 153,864 148,631 123,141 2. Complete the below table to calculate income statement data in common-size percents. (Round your p 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 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets Long-term investments Plant assets, net Total assets $54,188 42,333 56,589 3,570 1,1e0 185,198 98,956 62,982 $ 153,064 148,631 123,141 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity s 22,347 22,146 21,5s0 52,000 5,778 51,967 47,73543,813 153,064 $148,631 123,141 70,00070,800 8,750 8,750 2. Complete the below table to calculate income statement data in common-size percents. (Round yo 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 KORBIN COMPANY 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 s 520,285 $ 398,581 276,600 313,212251,16177,e24 99,576 36,511 22,958 59.469 40,107 27,073 147,475 73,880 46,826 128,706 86,367 55,004 35,075 90,879 57,396 11,766 8 142 $ 70,303 $45,630 31,965 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings s 54,108 s 42,333 s 56,589 3,570 105,19862,982 153,864 148,631 123,141 1,180 98,956 22,347 70,000 8,750 22,146 21,556 51,9678,75e 2,089 153,064 148,631 123,141 78,000 5,778 47,735 43,815 Total liabilities and equity 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round y percentage answers to 2 decimal places) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017,2016 and 2015 2016 2015 Assets KORBIN COMPANY Comparative Balance Sheet:s December 31, 2017, 2016, and 2015 2017 2016 2815 Assets Current assets Long-term investments Plant assets, net Total assets $ 54,108 % 42,333 56,589 3,570 1,100 98,956 15,198 62,982 s 153,864 148,631 123,141 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings S 22,347 22,146 21,55e 70,00070,00 52,ee 5,778 47,735 43-83 $ 153,964 $ 148,631 123,141 8,750 51,967 8,750 Total liabilities and equity 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017, 2016 and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current labilities Common stock Other paid-in capital Retained earnings 100 001 % 100.00 100.00 100.001 % 100 001 % 100.00 100.00 100.00 100 001 % Total liabilities and equity Saved Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit, selected balance sheet amounts at December 31, 2016, were inventory. $47900, total assets, $219.400; common stock, $86,000, and retained earnings, $38,603) T CORPORATION Income Statement For Year Ended December 31, 2817 Sales Cost of goods sold Gross profit Operating expenses Interest expense Income before taxes Income taxes Net income s 455,600 297 559 158,050 99,380 5,000 53,750 S32,097 CABOT CORPORATION Balance Sheet 31. 2017 Liabilities and Equity Assets Cash Short-tere investments Accounts receivable, net Notes recelvable (trade)* Merchandise inventory s 12,000 Accounts payable 9,200 Accrued wages payable 0,600 Income taxes payable 7,000 17,500 4,200 3, 5e0 42,150 Long-term note payable, secured by mortgage on plant assets 71,400 Prepaid expenses Plant assets, net Total assets 3,ese Common stock 86,060 70,700 149 30e Retained earnings s 253, 300 Total 1iabilities and equity 253,3e0 These are short-term notes receivable arising from customer (trade) sales Required: Compute the followng () current ratio. (2) acid-test ratio. (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity (Do not round intermediate calculations) Complete this question by entering your answers in the tabs below Req 1 and 2 Reg 3 Req 4Req 5Req 6 4 Req 7 Req 8Reg 9 Req 10 Req 11 the current ratio and acid-test Prey 40f 4111 Plant assets, net Total assets 149,e Retained earnings s 253,380 Total liabilities and equity 70,780 $ 253,380 These are short-term notes receivable arising from customer (trade) sales Required: Compute the following: (0) current ratio, (2) acid-test ratio, (3) days sales uncollected, (4) inventory turnover, (5) days' sales in inventory (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4Req 5Req 6 Req 7Req 8 Req 9 Req 10 Req 11 Compute the current ratio and acid-test ratio. Choose Denominator: | | Current Ratio Current ratio Choose Numerator: 2017 to 1 Acid Test Ratio hoose [ Choose Numerator nator:-Acid Test Ratio Acid-Test Ratio 2017 to 1 Req 3 )