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Required information Skip to question [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative
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[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 | $ | 534,204 | $ | 409,244 | $ | 284,000 | |||
Cost of goods sold | 321,591 | 258,233 | 181,760 | ||||||
Gross profit | 212,613 | 151,011 | 102,240 | ||||||
Selling expenses | 75,857 | 56,476 | 37,488 | ||||||
Administrative expenses | 48,078 | 36,013 | 23,572 | ||||||
Total expenses | 123,935 | 92,489 | 61,060 | ||||||
Income before taxes | 88,678 | 58,522 | 41,180 | ||||||
Income taxes | 16,494 | 11,997 | 8,360 | ||||||
Net income | $ | 72,184 | $ | 46,525 | $ | 32,820 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2017, 2016, and 2015 | |||||||||
2017 | 2016 | 2015 | |||||||
Assets | |||||||||
Current assets | $ | 45,216 | $ | 35,376 | $ | 47,289 | |||
Long-term investments | 0 | 1,200 | 3,140 | ||||||
Plant assets, net | 86,609 | 91,431 | 55,625 | ||||||
Total assets | $ | 131,825 | $ | 128,007 | $ | 106,054 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 19,246 | $ | 19,073 | $ | 18,559 | |||
Common stock | 70,000 | 70,000 | 52,000 | ||||||
Other paid-in capital | 8,750 | 8,750 | 5,778 | ||||||
Retained earnings | 33,829 | 30,184 | 29,717 | ||||||
Total liabilities and equity | $ | 131,825 | $ | 128,007 | $ | 106,054 | |||
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.)
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