Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P [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 $ 397,267 $ 304,339 $ 211,200 Cost of goods sold 239, 155 191, 429 135,168 Gross profit 158, 112 112,910 76,032 Selling expenses 56,412 41,999 27,878 Administrative expenses 35,754 26,782 17,530 Total expenses 92,166 68,781 45,408 Income before taxes 65,946 44, 129 30, 624 Income taxes 12,266 9,046 6,217 Net income $ 53,680 $ 35,083 $ 24,407 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 50,926 $ 39,843 $ 53,261 Long-term investments 0 600 3,530 Plant assets, net 96,046 102,273 61,449 Total assets $ 146,972 $ 142,716 $ 118,240 Liabilities and Equity Current liabilities $ 21,458 $ 21,265 $ 20,692 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 44,514 40,451 37,548 Total liabilities and equity $ 146,972 $ 142,716 $ 118,240 Problem 17-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Choose Numerator: Current Ratio 1 Choose Denominator: 1 1 1 HI Current ratio Current ratio to 1 to 1 1 2017 2016 2015 = to 1 Problem 17-2A 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 $ 397,267 $ 304,339 $ 211,200 Cost of goods sold 239, 155 191,429 135,168 Gross profit 158, 112 112,910 76,032 Selling expenses 56,412 41,999 27,878 Administrative expenses 35,754 26,782 17,530 Total expenses 92,166 68,781 45,408 Income before taxes 65,946 44,129 30,624 Income taxes 12,266 9,046 6,217 Net income $ 53,680 $ 35,083 $ 24,407 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 50,926 $ 39,843 $ 53,261 Long-term investments 0 600 3,530 Plant assets, net 96,046 102, 273 61,449 Total assets $ 146,972 $ 142, 716 $ 118,240 Liabilities and Equity Current liabilities $ 21,458 $ 21,265 $ 20,692 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 44,514 40,451 37,548 Total liabilities and equity $ 146,972 $ 142,716 118,240 Problem 17-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentag decimal places.) KORBIN COMPANY Common-Size 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 exponses Total expenses Income before taxes Income taxes Net income % % % Problem 17-2A 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 $ 397,267 $ 304,339 $ 211,200 Cost of goods sold 239, 155 191, 429 135,168 Gross profit 158, 112 112,910 76,032 Selling expenses 56, 412 41,999 27,878 Administrative expenses 35, 754 26,782 17,530 Total expenses 92,166 68,781 45,408 Income before taxes 65,946 44, 129 30,624 Income taxes 12,266 9,046 6,217 Net income $ 53,680 $ 35,083 $ 24,407 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 50,926 $ 39,843 $ 53,261 Long-term investments 0 600 3,530 Plant assets, net 96,046 102,273 61,449 Total assets $ 146,972 $ 142, 716 $ 118,240 Liabilities and Equity Current liabilities $ 21,458 $ 21,265 $ 20,692 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 44,514 40, 451 37,548 Total liabilities and equity $ 146,972 $ 142, 716 $ 118,240 Problem 17-2A Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base yea percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017, 2016 and 2015 2017 2016 2015 Assets % % 100.00 % 100.00 100.00 Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock % % 100.00 % % % 100.00 % 100.00 100.00 Other paid-in capital Retained eamings Total liabilities and equity 100.00 % 100.00 %