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	$434,323	$332,727	$230,900
Cost of goods sold	261,462	211,282	147,776
Gross profit	172,861	121,445	83,124
Selling expenses	61,674	45,916	30,479
Administrative expenses	39,089	29,280	19,165
Total expenses	100,763	75,196	49,644
Income before taxes	72,098	46,249	33,480
Income taxes	13,410	9,481	6,796
Net income	$58,688	$36,768	$26,684

KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015

	2017	2016	2015
Assets
Current assets	$48,364	$37,839	$50,581
Long-term investments	0	1,100	4,580
Plant assets, net	89,818	95,241	56,007
Total assets	$138,182	$134,180	$111,168
Liabilities and Equity
Current liabilities	$20,175	$19,993	$19,454
Common stock	69,000	69,000	51,000
Other paid-in capital	8,625	8,625	5,667
Retained earnings	40,382	36,562	35,047
Total liabilities and equity	$138,182	$134,180	$111,168

Problem 17-2A Part 1

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

Current Ratio I Choose Denominator: Choose Numerator: 2017 2016 2015 Current ratio Current ratio 0 to 1 0 to 1 0 to 1 1 | 2. Complete the below table to calculate income statement data in common-size percents. (Round you 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 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 100.00 100.00 100.00 % Plant assets, net Total assets Liabilities and Equity Current liabilities 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings Total liabilities and equity 100.00 100.00 %