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. KORBIR COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales $ 395,010 5 302,610 $ 210,000 Cost of goods sold 237,796 190.644 134,400 Gross profit 157,214 111,956 75,600 Selling expenses 56,091 41,760 27,720 Administrative expenses 35.551 26,630 17.430 Total expenses 91,642 68,390 45,150 Income before taxes 65,572 43,576 30, 450 Income taxes 12,196 6.181 Net Income $ 53,376 5 34,643 $ 24,269 5.E KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 50,532 $ 39,534 $ 52,848 Long-term investments 0 1,200 4,100 Plant assets, net 92,414 98,071 58,052 Total assets 5 142,945 $ 138,805 $ 115,000 Liabilities and Equity Current liabilities $ 20,870 $ 20,682 520,125 Common stock 56,000 66,000 48,000 Other paid-in capital 8,250 0,250 5,333 Retained earnings 47,825 43,873 $1,542 Total liabilities and equity $ 142,945 $ 138,805 $ 115,000 Problem 17-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: 1 1 Current ratio Current ratio to 1 2017 2016 2015 . to 1 to 1 Problem 17-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places) 2015 KORRIN COMPANY Commen-Sire Comparative Income Statements For Year Ended December 31, 2017, 2018, and 2015 2017 2016 Sales % Cost of goods sold Gros pro Selling expenses Administrative expenses To expenses Income before (income tases Netcome Problem 17-2A Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017, 2016 and 2015 2017 2016 2015 100.00% 100.00 Assets Current assets Long-term investments Plant assets, net Total assets Llabilities and Equity Current liabilities 100,00 100.00% 194 100.00 % 100.00 100.00 Common stock Other paid in capital Retained earnings Total abilities and equity 100.00 100.00%