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 $ 423, 225 $ 324, 225 $ 225,000 Cost of goods sold 254,781 203,938 144,000 Gross profit 168, 444 120, 287 81,000 Selling expenses 60,098 44,743 29,700 Administrative expenses 38,090 28,532 18,675 Total expenses 98,188 73, 275 48,375 Income before taxes 70, 256 47,012 32,625 Income taxes 13,068 9,638 6,623 Net income $ 57,188 $ 37, 374 $ 26,002 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets $ 47,455 $ 37, 128 Long-term investments 0 1,100 Plant assets, net 86,789 92,128 Total assets $ 134, 244 $ 130,356 Liabilities and Equity Current liabilities $ 19,600 $ 19,423 Common stock 63,000 63,000 Other paid-in capital 7,875 7,875 Retained earnings 43,769 40,058 Total liabilities and equity $ 134,244 $ 130,356 $ 49,631 3,900 54,469 $ 108,000 $ 18,900 45,000 5,000 39,100 $ 108,000 Problem 17-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales % % % Cost of goods sold ross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income % % %