Part 1 of 2 Required information [The following information applies to the questions displayed below) Selected comparative financial statements of Korbin Company follow: Dints eBook Print KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 552,638 $ 423,366 $ 293,800 Cost of goods sold 332,688 267,144 188,032 Gross profit 219,950 156, 222 105,768 Selling expenses 78,475 58,425 38,782 Administrative expenses 49,737 37,256 24,385 Total expenses 128,212 95,681 63,167 Income before taxes 91,738 60,541 42,601 Income taxes 17,063 12,411 8,648 Net income $ 74,675 $ 48,130 $ 33,953 References KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 1 of 2 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets $ 51,064 $ 39,952 Long-term investments 500 Plant assets, net 93,390 99,818 Total assets $ 144,454 $ 140,270 Liabilities and Equity Current liabilities $ 21,090 $ 20,900 Common stock 63,000 63,000 Other paid in capital 7,875 7,875 Retained earnings 52,489 48,495 Total liabilities and equity $ 144,454 $ 140, 270 $ 53,406 3,620 59,188 $ 116,214 5 Book $ 20,337 45,000 5.000 45,877 $ 116,214 Print erences Required: 1. Complete the below table to calculate each year's current ratio Current Ratio Choose Denominator: Choose Numerator: 1 Current ratio O noir Minyt Required: 1. Complete the below table to calculate each year's current ratio. 5 Current Ratio Choose Denominator: Choose Numerator: Book 1 2017 1 Current ratio Current ratio olto 1 0 to 1 0 to 1 Print erences 2016 2015 S Prey 2 of 2 Next > 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 $ 552,638 $ 423,366 $ 293,800 Cost of goods sold 332,688 267,144 188,32 Gross profit 219,950 156,222 105,768 Selling expenses 78,475 58,425 38,782 Administrative expenses 49,737 37,256 24,385 Total expenses 128,212 95,681 63, 167 Income before taxes 91,738 60,541 42,601 Income taxes 17,063 12,411 8,648 Net income $ 74,675 $ 48,130 $ 33,953 2015 KORRIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets $ 51,064 $ 39,952 Long-term investments 500 Plant assets, net 93,390 99,818 Total assets $ 144,454 $ 140,270 Liabilities and Equity Current liabilities $ 21,90 $ 20,900 Common stock 63,000 63,eee Other paid-in capital 7,875 7,875 Retained earnings 52,489 48,495 Total liabilities and equity $ 144,454 $ 140, 270 $ 53,486 3,629 59,188 $ 116,214 $ 20,337 45,000 5,000 45,877 $ 116,214 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage answe decimal places.) 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to decimal places.) 2015 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes % Not income
