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	$	528,561		$	404,921		$	281,000
Cost of goods sold		318,194			253,481			179,840
Gross profit		210,367			151,440			101,160
Selling expenses		75,056			55,879			37,092
Administrative expenses		47,570			35,633			23,323
Total expenses		122,626			91,512			60,415
Income before taxes		87,741			59,928			40,745
Income taxes		16,320			12,285			8,271
Net income	$	71,421		$	47,643		$	32,474

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2017, 2016, and 2015
	2017			2016			2015
Assets
Current assets	$	49,834		$	38,989		$	52,119
Long-term investments		0			700			3,220
Plant assets, net		92,549			98,570			59,209
Total assets	$	142,383		$	138,259		$	114,548
Liabilities and Equity
Current liabilities	$	20,788		$	20,601		$	20,046
Common stock		71,000			71,000			53,000
Other paid-in capital		8,875			8,875			5,889
Retained earnings		41,720			37,783			35,613
Total liabilities and equity	$	142,383		$	138,259		$	114,548

1. Complete the below table to calculate each year's current ratio.

2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)

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.)

Current Ratio
	Choose Numerator:	/	Choose Denominator:	=	Current ratio
		/		=	Current ratio
2017		/		=	0	to 1
2016		/		=	0	to 1
2015		/		=	0	to 1

KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2017, 2016, and 2015
	2017		2016		2015
Sales		%		%		%
Cost of goods sold		-1		-1		-1
Gross profit
Selling expenses		-1		-1		-1
Administrative expenses		-1		-1		-1
Total expenses
Income before taxes		-1		-1		-1
Income taxes		-1		-1		-1
Net income		%		%		%

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
Retained earnings					100.00
Total liabilities and equity		%		%	100.00	%