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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, 2019, 2018, and 2017 | |||||||||
2019 | 2018 | 2017 | |||||||
Sales | $ | 501,475 | $ | 384,171 | $ | 266,600 | |||
Cost of goods sold | 301,888 | 242,796 | 170,624 | ||||||
Gross profit | 199,587 | 141,375 | 95,976 | ||||||
Selling expenses | 71,209 | 53,016 | 35,191 | ||||||
Administrative expenses | 45,133 | 33,807 | 22,128 | ||||||
Total expenses | 116,342 | 86,823 | 57,319 | ||||||
Income before taxes | 83,245 | 54,552 | 38,657 | ||||||
Income tax expense | 15,484 | 11,183 | 7,847 | ||||||
Net income | $ | 67,761 | $ | 43,369 | $ | 30,810 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2019, 2018, and 2017 | |||||||||
2019 | 2018 | 2017 | |||||||
Assets | |||||||||
Current assets | $ | 60,167 | $ | 40,270 | $ | 53,832 | |||
Long-term investments | 0 | 500 | 3,470 | ||||||
Plant assets, net | 110,037 | 100,618 | 59,838 | ||||||
Total assets | $ | 170,204 | $ | 141,388 | $ | 117,140 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 24,850 | $ | 21,067 | $ | 20,500 | |||
Common stock | 69,000 | 69,000 | 51,000 | ||||||
Other paid-in capital | 8,625 | 8,625 | 5,667 | ||||||
Retained earnings | 67,729 | 42,696 | 39,973 | ||||||
Total liabilities and equity | $ | 170,204 | $ | 141,388 | $ | 117,140 | |||
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
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