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 $ 508,999 $ 389,935 $ 270,600 Cost of goods sold 306,417 246,829 173, 184 Gross profit 202,582 143, 106 97,416 Selling expenses 72, 278 53,811 35, 719 Administrative expenses 45,810 34,314 22,460 Total expenses 118, 088 88,125 5 8,179 Income before taxes 84,494 54,981 39,237 Income taxes 15,716 11,271 7,965 Net income $ 68, 778 $ 43,710 $ 31,272 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 45,966 $ 35,963 $ 48,074 Long-term investments 500 3,360 Plant assets, net 88,046 93,667 56,379 Total assets $ 134,012 $ 130,130 $ 107,813 Liabilities and Equity Current liabilities $ 19,566 $ 19,389 $ 18,867 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 33,446 29,741 28,946 Total liabilities and equity $ 134,012 $ 130, 130 $ 107,813 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 %