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Selected comparative financial statements of Korbin Company follow. 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as
Selected comparative financial statements of Korbin Company follow.
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 Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 $ 499,594 300,756 198,838 70,942 44,963 115,905 82,933 15,426 $382,730 242,651 140,079 52,817 33,680 86,497 53,582 10,984 $265,600 169,984 95,616 35,059 22,045 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 57,104 38,512 7,818 Income before taxes Income tax expense $67,507 $42,598 $30,694 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets $ 55,765 $37,324 900 $ 49,893 4,540 54,137 Current assets Long-term investments 0 92,820 101,987 Plant assets, net $157,752 $131,044 $ 108,570 Total assets Liabilities and Equity Current liabilities $ 23,032 70,000 8,750 55,970 $ 19,526 70,000 8,750 32,768 $19,000 52,000 5,778 31,792 Common stock Other paid-in capital Retained earnings $157,752 $131,044 $108,570 Total liabilities and equity KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets 100.00 Current assets Long-term investments 100.00 Plant assets, net 100.00 100.00 % Total assets Liabilities and Equity 100.00 % Current liabilities Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 100.00 % Total liabilities and equity
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