Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3

Skip to question

[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, 2019, 2018, and 2017
	2019			2018			2017
Sales	$	560,914		$	429,706		$	298,200
Cost of goods sold		337,670			269,426			190,848
Gross profit		223,244			160,280			107,352
Selling expenses		79,650			59,299			39,362
Administrative expenses		50,482			37,814			24,751
Total expenses		130,132			97,113			64,113
Income before taxes		93,112			63,167			43,239
Income tax expense		17,319			12,949			8,778
Net income	$	75,793		$	50,218		$	34,461

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
	2019			2018			2017
Assets
Current assets	$	57,118		$	38,229		$	51,103
Long-term investments		0			700			4,230
Plant assets, net		106,076			96,635			56,982
Total assets	$	163,194		$	135,564		$	112,315
Liabilities and Equity
Current liabilities	$	23,826		$	20,199		$	19,655
Common stock		68,000			68,000			50,000
Other paid-in capital		8,500			8,500			5,556
Retained earnings		62,868			38,865			37,104
Total liabilities and equity	$	163,194		$	135,564		$	112,315

Problem 13-2A Part 3

3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.)