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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
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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 | $ | 524,047 | $ | 401,463 | $ | 278,600 | |||
Cost of goods sold | 315,476 | 254,528 | 178,304 | ||||||
Gross profit | 208,571 | 146,935 | 100,296 | ||||||
Selling expenses | 74,415 | 55,402 | 36,775 | ||||||
Administrative expenses | 47,164 | 35,329 | 23,124 | ||||||
Total expenses | 121,579 | 90,731 | 59,899 | ||||||
Income before taxes | 86,992 | 56,204 | 40,397 | ||||||
Income tax expense | 16,181 | 11,522 | 8,201 | ||||||
Net income | $ | 70,811 | $ | 44,682 | $ | 32,196 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2019, 2018, and 2017 | |||||||||
2019 | 2018 | 2017 | |||||||
Assets | |||||||||
Current assets | $ | 54,408 | $ | 36,415 | $ | 48,678 | |||
Long-term investments | 0 | 900 | 4,020 | ||||||
Plant assets, net | 104,215 | 94,452 | 56,471 | ||||||
Total assets | $ | 158,623 | $ | 131,767 | $ | 109,169 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 23,159 | $ | 19,633 | $ | 19,105 | |||
Common stock | 70,000 | 70,000 | 52,000 | ||||||
Other paid-in capital | 8,750 | 8,750 | 5,778 | ||||||
Retained earnings | 56,714 | 33,384 | 32,286 | ||||||
Total liabilities and equity | $ | 158,623 | $ | 131,767 | $ | 109,169 | |||
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.)
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