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 $ 522,918 $ 400,598 $ 278,000 Cost of goods sold 314,797 251, 175 177,920 Gross profit 208, 121 ad 149,423 100,080 Selling expenses 55,283 36,696 Administrative expenses 47,063 35,253 23,074 Total expenses 121,317 90,536 59,770 Income before taxes 86,804 58,887 40,310 Income taxes 16, 146 12,072 8, 183 Net income $ 70,658 $ 46,815 $ 32,127 74,254 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 49,456 $ 38,694 $ 51,724 Long-term investments 0 700 4,600 Plant assets, net 94,732 100,618 59, 676 Total assets $ 144,188 $ 140,012 $ 116,000 Liabilities and Equity Current liabilities $ 21,051 $ 20,862 $ 20,300 Common stock 64,000 64,000 46,000 Other paid-in capital 8,000 8,000 5, 111 Retained earnings 51, 137 47,150 44,589 Total liabilities and equity $ 144, 188 $ 140,012 $116,000 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio | Choose Denominator: Choose Numerator: 1 II Current ratio Current ratio 0 to 1 2017 1 2016 1 II 0 to 1 2015 / 0 to 1 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 Gross profit Selling expenses Administrative 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 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Other paid-in capital 100.00 100.00 Retained earnings Total liabilities and equity % % 100.00 %