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 $ 509,751 $ 390,511 $ 271,000 Cost of goods sold 306,870 247,584 123,440 Gross profit 202,881 142,927 97,560 Selling expenses 72,385 53,891 35,772 Administrative expenses 45,878 34,365 22,493 Total expenses 118,263 88,256 58,265 Income before taxes 84,618 54,671 39,295 Income taxes 15,739 11, 208 7,977 Net income $ 68,879 $ 43,463 $ 31,318 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets $ 49,277 $ 38,553 Long-term investments 400 plant assets, net 92,937 99,142 Total assets $ 142,214 $ 138,095 Liabilities and Equity Current liabilities $ 20,763 $ 20,576 Common stock 72,000 72,000 Other paid-in capital 9,000 9,000 Retained earnings 40,451 36,519 Total liabilities and equity $ 142,214 $ 138,095 $ 51,537 4,840 58,835 $ 114,412 $ 20,022 54,000 6,000 34,390 $ 114,412 Problem 13-2A Part 2 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2015 100.00% KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales 100.00% 100.00% Cost of goods sold Gross profit Selling expenses nistrative 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 9 100.00% 100.00 100.00 100.00% Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other pald.in capital Retained earnings Total liabilities and equity 100.00 % 100.00 100.00 100.00 100.00 %