KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 Sales $ 460,093 $352,469 Cost of goods sold 276,976 223,465 2013 $ 244,600 156,544 Gross profit Selling expenses Administrative expenses 183,117 65,333 41,408 129.004 48,641 31,017 88,056 32,287 20,302 Total expenses 106,741 79,658 52,589 Income before taxes Income taxes 76,376 14,206 49,346 10,116 35,467 7,200 Net income $ 62,170 $ 39,230 $ 28,267 KORBIN COMPANY Comparative Balance Sheets December 31, 2015, 2014, and 2013 2015 2014 2013 $ 52,982 $ Assets Current assets Long-term investments Plant assets, net $ 41,452 1,000 101,659 55,412 4,290 59,694 95,427 Total assets $ 148,409 $ 144,111 $ 119,396 $ $ Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 21,668 72,000 9,000 45,741 21,473 72,000 9,000 41,638 $ 20,894 54,000 6,000 38,502 Total liabilities and equity $ 148,409 $ 144,111 $ 119,396 7. value: 2.40 points Required information Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio I Choose Denominator: Choose Numerator: = 2015 2014 2013 Current ratio Current ratio 0 to 1 0 to 1 0 to 1 value: 2.40 points Required information 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income % % % 9. value: 2.40 points 3. Complete the below table to calculate the balance sheet data in trend percents with 2013 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2015, 2014, and 2013 2015 2014 2013 % % 100.00% 100.00 100.00 100.00 % C % % Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity % % 100.00 % 100.00 100.00 100.00 100.00 % % %