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 $ 394,822 $ 302,466 $ 209,900 Cost of goods sold 237,683191,763 134.336 Gross profit 157, 139 110,703 7 5,564 Selling expenses 56,065 41,740 27.707 Administrative expenses 35,534 26,617 17,422 Total expenses 91,599 68,357 4 5, 129 Income before taxes 65,540 42,346 30,435 Income taxes 12,190 ,681 6 ,178 Net income $ 53,350 $33,665 $ 24,257 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 46,731 $ 36,561 $ 48,874 Long-term investments 0 900 4,30 plant assets, net 85.465 90.906 5 3.148 Total assets $ 132,196 $ 120,367 $ 106,352 Liabilities and Equity Current liabilities $ 19,301 $ 19,127 $ 18,612 Common stock 65,000 65,000 47,000 Other paid-in capital 8,125 8,125 5,222 Retained earnings 39,770 36,115 35,518 Total liabilities and equity $ 132,196 $ 120,367 106,352 Common stock Other paid-in capital Retained earnings Total liabilities and equity 65,000 8,125 39,770 $ 132,196 65,000 47,000 8,125 5,222 36,115 35,518 $ 128,367 $ 106,352 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 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