Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2015 2017 2016 $555,000 $340,000 $278,000 Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes. Income taxes Net income $ 7,132 $40,290 $ 34,830 117,932 50,660 50,500 40,800 10,370 15,670 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 $ 52,390 $ 37,924 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 0 100,000 $152,390 500 96,000 $134,424 $ 22,800 $ 19,960 72,000 72,000 2015 $ 51,748 3,950 60,000 $115,698 $ 20,300 60,000 9,000 9,000 6,000 48,590 33,464 29,398 $152,390 $134,424 $115,698