Required information [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 $ 394,446 $ 302,178 $ 209,700 Cost of goods sold 237,456 189,768 134,208 Gross profit 156,990 112,410 75, 492 Selling expenses 56,011 41,701 27,680 Administrative expenses 35,500 26,592 17, 405 Total expenses 91,511 68,293 45,085 Income before taxes 65,479 44,117 30, 407 Income tax expense 12,179 9,044 6,173 Net income $ 53,300 $ 35,073 $ 24,234 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 63, 265 $ 42,343 Long-term investments 0 1,100 Plant assets, net 113,947 103, 766 Total assets $177,212 $ 147, 209 Liabilities and Equity Current liabilities $ 25,873 $ 21,934 Common stock 72,000 72,000 Other paid-in capital 9,000 9,000 in 720 A4 275 $ 56,603 4,060 61,300 $ 121,963 $ 21,344 54,000 6,000 An 610 3 Check my work Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 394,446 $ 302,178 $ 209,700 Cost of goods sold 237,456 189,768 134,208 Gross profit 156,990 112,410 75, 492 Selling expenses 56,011 41,701 27,680 Administrative expenses 35,500 26,592 17,405 Total expenses 91,511 68,293 45,085 Income before taxes 65,479 44, 117 30, 407 Income tax expense 12,179 9,044 6,173 Net income $ 53,300 $ 35,073 $ 24,234 KORBIN COMPANY Comparative Balance sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $63,265 $ 42,343 $ 56,603 Long-term investments 0 1,100 Plant assets, net 113,942 103,766 61,300 Total assets $177,212 $147, 209 $121,963 Liabilities and Equity Current liabilities $ 25,873 $ 21,934 $ 21,344 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 70,339 44,275 40,619 Total liabilities and equity $177,212 $147,209 $121,963 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.) Check my work 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 % % 100.00 % s 100.00 100.00 100.00 % % % Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity % % 100,00 % 100.00 100.00 100.00 100.00% Other paid-in capital Retained earnings Total liabilities and equity 9,000 9,000 6.000 70,339 44,275 40,619 $ 177,212 $147,209 $121,963 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 100.00% KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00% 100,00 % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % %
