Required Information 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 $ 456,143 $ 349,443 $242,588 Cost of goods sold 274,598 218751 155, 280 Gross profit 181,545 130,692 87,300 Selling expenses 64,772 48,223 32,810 Administrative expenses 41,053 30,751 20, 128 Total expenses 105,825 78,974 5 2, 138 Income before taxes 75,720 31, 718 35,162 Income taxes 14,884 10.602 7,138 Net income $ 61,636 $ 41,116 $ 28,024 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 53,176 $ 41,684 $ 55,614 Long-term investments 1.000 4.570 Plant assets, net 97,251 103,466 60,835 Total assets $ 150,427 $ 146,078 $ 121, 019 Liabilities and Equity Current liabilities $ 21,962 $ 21,764 $ 21,178 Common stock 65,000 65,000 47,000 Other paid-in capital 8,1258 , 1255 ,222 Retained earnings 55,340 51,181 47.619 Total liabilities and equity $ 150,427 $ 146,078 $ 121,019 Problem 17-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator Current ratio Current ratio 1 olto 1 = Problem 17-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your per 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 expenses Total expenses Income before taxes Income taxes Net income 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 ye percentage answers to 2 decimal places.) KORBIN COMI Balance Sheet Data In Trend Percents December 31, 2017, 2016 and 2015 2016 2015 100.00 % 100.00 100.00 100.00 % Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 100.00 100.00 100.00 100.00%