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 $ 557,717 $ 427,257 $ 296,500 Cost of goods sold 335,746 268,745 189,760 Gross profit 221,971 158,512 106,740 Selling expenses 79, 196 58,961 39,138 Administrative expenses 50, 195 37,599 24,61 Total expenses 129,391 96,560 63,748 Income before taxes 92,580 61,952 42,992 Income taxes 17,220 12,700 Net income $ 75,360 $ 49,252 $ 34,265 8,727 Check my wo 2016 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 Assets Current assets $ 52,766 Long-term investments Plant assets, net 97,994 Total assets $ 150,760 Liabilities and Equity Current liabilities $ 22,011 Common stock 68,000 Other paid-in capital 8. See Retained earnings 52,249 Total liabilities and equity $ 150,760 $ 41,283 1,000 184,110 $ 146,393 $ 55,186 3,810 62,291 $ 121,287 $ 21,813 68,000 8, see 48,080 $ 146,393 $ 21, 225 50,000 5,556 44,506 $ 121,287 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.) 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage answers to decimal places.) ANY 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