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 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 Sales $ 554,143 $ 424,519 Cost of goods sold 333,594 266,173 2013 $ 294,600 188,544 Gross profit Selling expenses Administrative expenses 220,549 78,688 49,873 158,346 58,584 37,358 106,056 38,887 24,452 Total expenses 128,561 95,942 63,339 Income before taxes Income taxes 91,988 17,110 62,404 12,793 42,717 8,672 Net income $ 74,878 $ 49,611 $ 34,045 KORBIN COMPANY Comparative Balance Sheets December 31, 2015, 2014, and 2013 2015 2014 2013 $ 46,358 Assets Current assets Long-term investments Plant assets, net $ 36,270 1,100 89,972 $ 48,484 4,530 52,489 84,782 Total assets $ 131,140 $ 127,342 $ 105,503 $ $ $ Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 19,146 65,000 8,125 38,869 18,974 65,000 8,125 35,243 18,463 47,000 5,222 34,818 Total liabilities and equity $ 131,140 $ 127,342 $ 105,503 Problem 13-2A Part 2 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 Problem 13-2A Part 3 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 Assets Current assets % 100.00 % 100.00 Long-term investments Plant assets, net Total assets Liabilities and Equity 100.00 100.00 % Current liabilities 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings Total liabilities and equity 100.00 100.00 % %