Korbin Company

Required information [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 Cost of goods sola Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $ 410,810 247,308 163,502 58,335 36,973 95,308 68,194 12,684 $ 55,510 314,714 $ 218,400 139,776 78,624 28,829 18,127 46,956 31,668 6,429 34,777$ 25,239 199,84.3 114,871 43,431 27,695 71,126 43,745 8,968 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 Equitv Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 49,456 $ 38,693 $ 51,723 3,380 58,575 $ 141,302 137,209 113,678 500 98,016 91,846 $ 20,630 20,444 $19,894 50,000 5,556 38,228 $ 141,302 $137,209 113,678 68,000 8,500 44,172 68,000 8,500 40,265 Requirec: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator:Choose Denominator:Current ratio Current assets /Current liabilities 2017 2016 2015 Current ratio 0 to 1 0 to 1 0 to 1 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, 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 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round your 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 liabilities Common stock Other paid-in capital Retained earnings otal liabilities and equity 100.001 % 100.00 100.00 100.00 % 100.001 % 100.00 100.00 100.00 100.001 %