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, 2017, 2016, and 2015
	2017			2016			2015
Sales	$	555,000		$	340,000		$	278,000
Cost of goods sold		283,500			212,500			153,900
Gross profit		271,500			127,500			124,100
Selling expenses		102,900			46,920			50,800
Administrative expenses		50,668			29,920			22,800
Total expenses		153,568			76,840			73,600
Income before taxes		117,932			50,660			50,500
Income taxes		40,800			10,370			15,670
Net income	$	77,132		$	40,290		$	34,830

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2017, 2016, and 2015
	2017			2016			2015
Assets
Current assets	$	52,390		$	37,924		$	51,748
Long-term investments		0			500			3,950
Plant assets, net		100,000			96,000			60,000
Total assets	$	152,390		$	134,424		$	115,698
Liabilities and Equity
Current liabilities	$	22,800		$	19,960		$	20,300
Common stock		72,000			72,000			60,000
Other paid-in capital		9,000			9,000			6,000
Retained earnings		48,590			33,464			29,398
Total liabilities and equity	$	152,390		$	134,424		$	115,698

Required information [The following information applies to the questions displayed below.,] Selected comparative financial statements of Korbin Company follow Part 1 of 3 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 points 2017 2016 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $555,000 $340,000 $278,000 283,500 212,500 153,900 271,500 127,500 124,100 46,920 29,920 76,840 50,660 10,370 eBook 50,800 22,800 73,600 50,500 15,670 $ 77,132 40,290 34,830 102,900 50,668 153,568 117,932 Ask 40,800 S Print References KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 52,390 37,924 51,748 3,950 60,000 $152,390 $134,424$115,698 500 100,000 96,00 $ 22,800 19,960 20,300 60,000 6,000 29,398 $152,390 $134,424 $115,698 72,000 9,000 48,590 72,000 9,000 33,464 Total liabilities and equity