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	$	449,371		$	344,255		$	238,900
Cost of goods sold		270,521			217,225			152,896
Gross profit		178,850			127,030			86,004
Selling expenses		63,811			47,507			31,535
Administrative expenses		40,443			30,294			19,829
Total expenses		104,254			77,801			51,364
Income before taxes		74,596			49,229			34,640
Income taxes		13,875			10,092			7,032
Net income	$	60,721		$	39,137		$	27,608

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2017, 2016, and 2015
	2017			2016			2015
Assets
Current assets	$	45,817		$	35,846		$	47,918
Long-term investments		0			1,100			3,610
Plant assets, net		86,412			91,453			54,851
Total assets	$	132,229		$	128,399		$	106,379
Liabilities and Equity
Current liabilities	$	19,305		$	19,131		$	18,616
Common stock		66,000			66,000			48,000
Other paid-in capital		8,250			8,250			5,333
Retained earnings		38,674			35,018			34,430
Total liabilities and equity	$	132,229		$	128,399		$	106,379

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.)

KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2017, 2016, and 2015
	2017		2016		2015
Sales	3.39	%		%		%
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		%		%		%

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	$	449,371		$	344,255		$	238,900
Cost of goods sold		270,521			217,225			152,896
Gross profit		178,850			127,030			86,004
Selling expenses		63,811			47,507			31,535
Administrative expenses		40,443			30,294			19,829
Total expenses		104,254			77,801			51,364
Income before taxes		74,596			49,229			34,640
Income taxes		13,875			10,092			7,032
Net income	$	60,721		$	39,137		$	27,608

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2017, 2016, and 2015
	2017			2016			2015
Assets
Current assets	$	45,817		$	35,846		$	47,918
Long-term investments		0			1,100			3,610
Plant assets, net		86,412			91,453			54,851
Total assets	$	132,229		$	128,399		$	106,379
Liabilities and Equity
Current liabilities	$	19,305		$	19,131		$	18,616
Common stock		66,000			66,000			48,000
Other paid-in capital		8,250			8,250			5,333
Retained earnings		38,674			35,018			34,430
Total liabilities and equity	$	132,229		$	128,399		$	106,379

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	%
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	%