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 $ 504, 108 $ 386,188 $ 268,000 $ Cost of goods sold 303,473 243,685 171,520 Gross profit 200,635 142,503 96,480 Selling expenses 71,583 53, 294 35,376 Administrative expenses 45,370 33,985 22, 244 Total expenses 116,953 87,279 57,620 Income before taxes 83,682 55,224 38,860 Income taxes 15,565 11,321 7,889 Net income $ 68,117 $ 43,983 $ 30,971 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 51,919 $ 40,620 $ $ 54,300 Long-term investments @ 900 4,800 Plant assets, net 93,512 99,699 57,900 Total assets $ 145,431 $ 141,219 $ 141,219 $ 117,000 Liabilities and Equity Current liabilities $ 21,233 $ $ 21,042 $ 20,475 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 47,698 43,677 40,969 Total liabilities and equity $ 145,431 $ 141,219 $ 117,000 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: Choose Denominator: Current ratio Current ratio 2017 1 0 to 1 2016 1 0 to 1 2015 = 0 to 1 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2015 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income % % % 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 Assets Current assets % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 100.00 % ad Total assets Liabilities and Equity Current liabilities % 100.00 % Common stock 100.00 100.00 Other paid-in capital Retained earnings Total liabilities and equity 100.00 % 100.00 %