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 $ 398,020 $ 304,916 $ 211,600 Cost of goods sold 239, 608 191,182 135, 424 Gross profit 158, 412 113, 734 76,176 Selling expenses 56,519 42,078 27,931 Administrative expenses 35,822 26,833 17,563 Total expenses 92,341 68,911 45, 494 Income before taxes 66,071 44,823 30,682 Income taxes 12, 289 9,189 6,228 Net income $ 53,782 $ 35, 634 $ 24,454 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Receta DAY WAPDR Administrative expenses Total expenses Income before taxes Income taxes Net income JUVA 35,822 92,341 66,071 12,289 $ 53,782 yo PA 26,833 17,563 68,911 45,494 44,823 30,682 9,189 6,228 $ 35,634 $ 24, 454 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 50, 707 $ 39,672 $ 53,032 Long-term investments 0 400 4,810 Plant assets, net 95, 634 102,031 59, 890 Total assets $ 146, 341 $ 142, 103 $ 117,732 Liabilities and Equity Current liabilities $ 21,366 $ 21,173 $ 20,603 Common stock 64,000 64,000 46,000 Other paid-in capital 8,000 8,000 5, 111 Retained earnings 52,975 48,930 46,018 Total liabilities and equity $ 146,341 $ 142,103 $ 117,732 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.) 2015 % KORBIN COMPANY Common-Size Comparative Income Statements For Yoars 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 Not incomo % % %