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 $ 414,572 $317,596 $ 220,400 Cost of goods sold 249,572 199,450 141,056 Gross profit 165,000 118,146 79,344 Selling expenses 58,869 43,828 29,093 Administrative expenses 37,311 27,948 18,293 Total expenses 96,180 71,776 47,386 Income before taxes 68,820 46,370 31,958 Income tax expense 12,801 9,506 6,487 Net income $ 56,019 $ 36,864 $ 25, 471 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 63,505 $ 42,504 $ 56,817 Long-term investments 800 3,730 Plant assets, net 114,379 104,463 61,878 Total assets $177,884 $147,767 $ 122,425 Liabilities and Equity Current liabilities $ 25,971 $ 22,017 $ 21, 424 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 75,413 49,250 45,445 Total liabilities and equity $177,884 $147,767 $122,425 $ 63,505 $ 42,504 $ 56,817 800 3,730 114,379 104,463 61,878 $177,884 $147,767 $122,425 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 $ 25,971 $ 22,017 $ 21,424 68,000 68,000 50,000 8,500 8,500 5,556 75,413 49,250 45,445 $ 177,884 $147,767 $122,425 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: 2019 1 1 Current ratio Current ratio 0 to 1 0 to 1 0 to 1 2018 2017 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers decimal places.) 2017 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 96 % % 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 Assets % 100.00 % 100.00 % 100.00 100,00 % % 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 % 100.007 100.00 100.00 100.00 %
