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 $ 479,467 $ 367,311 $ 254,900 Cost of goods sold 288,639 231,773163, 136 Gross profit 190,828 135,538 91,764 Selling expenses 68,084 50,689 33,647 Administrative expenses 43, 152 32, 323 2 1, 157 Total expenses 111,236 83,012 54,804 Income before taxes 79,592 52,526 36,960 Income taxes 14,804 10, 768 10.268 7.503 Net income $ 64,788 $ 41,758 $ 29,457 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 47,394 $ 37,080 $ 49,567 Long-term investments 0 1,100 4,730 Plant assets, net 88,017 93,309 5 4,642 Total assets $ 135,411 $ 131,489 $ 108,939 Liabilities and Equity Current liabilities $ 19,770 $ 19,592 $ 19,064 Common stock 71,000 71,000 53,000 Other paid-in capital 8,875 8,875 5 ,889 Retained earnings 35,766 32,022 30,986 Total liabilities and equity $ 135,411 $ 131,489 $ 108,939 Problem 17-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio 1 Choose Denominator: Choose Numerator: = Current ratio Current ratio 2017 to 1 2016 2015 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 % Problem 17-2A 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 Assets Current assets 100.00 % 100.00 100.00 100.00% % 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 100.00 % 100.00 100.00 100.00 100.00 % 94