Required information 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, 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 $555,000 $340,000 $278,000 283,500212,500 153,900 271,500 127,500 124,100 102,90046,920 50,800 22,800 50,668 29.920 153,568 76,840 50,660 40.800 10.370 117,932 50,500 15,670 $ 77,132 $40,290 $ 34,830 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 Equity Current liabilities Common stock Other paid-in capital $52,390 37,924 51,748 3,950 60-000 $152,390 $134,424 $115,698 500 96,000 100,000 $22,800$ 19,960 $20,300 2,00072,.000 60,000 6,000 48,590 33 46429.398 $152,390 $134,424 $115,698 9,000 9,000 Total liabilities and equity Problem 13-2A Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base y percentage answers to 2 decimal places.) 20172016 201 Assets Current assets Long-term investments Plant assets, net Total assets 52,390 37,924 51,748 3,950 96,00060,000 $152,390 $134,424 $115,698 500 -100 000 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 22,800 19,960 20,300 60,000 6,000 29,398 72,000 9,000 48,590 72,000 9,000 Total liabilities and equity $152,390 $134,424 $115,698 Problem 13-2A Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round yo 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 Total liabilities and equity 100.00 100.00 100.00 100.00% 100.001% 100.00 100.00 100.00 100.001 % 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 Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 52,390 37,924 51,748 3,950 60,000 $152,390 $134,424 $115,698 500 100,000 96,000 $ 22,800 19,960 20,300 72,00072,000 60,000 000 9,000 6,000 48,590 33,464 29,398 $152,390 $134,424 $115,698 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, 2017, 2016, and 2015 2017 2016 2015 100.001 % 100.001% 100.001% Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income
