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 $ 533,452 $ 408,668 $ 283,600 Cost of goods sold 321, 138 257,052 181,504 Gross profit 212, 314 151,616 102,096 Selling expenses 75,750 56, 396 37,435 Administrative expenses 48,011 35,963 23,539 Total expenses 123,761 92,359 60,974 Income before taxes 88,553 59,257 41,122 Income taxes 16,471 12,148 8,348 Net income $ 72,082 $ 47,109 $ 32,774 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 54,498 $ 42,638 $ 56,998 Long-term investments 800 3,250 Plant assets, net 99,670 106,265 63,781 Total assets $ 154,168 $ 149,703 $ 124,029 Liabilities and Equity Current liabilities $ 22,509 22,306 $ 21,705 Common stock 66,000 66,000 48,000 Other paid-in capital 8,250 8,250 5,333 Retained earnings 57,409 53,147 48,991 Total liabilities and equity $ 154,168 $ 149,703 $ 124,029 Problem 17-24 Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: 1 Choose Denominator: 1 1 1 2017 2016 2015 Current ratio Current ratio 0 to 1 0 to 1 0 to 1 / Problem 17-24 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 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 % % % Problem 17-24 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 % 100.00 100.00 100.00 % 94 % Assets 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 9 % 100.00 % 100.00 100.00 100.00 % % 100.00 %