Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales $ 559,033 $ 428,265 $ 297,200 Cost of goods sold 336,538 270,663 190, 288 Gross profit 222,495 157,602 106,992 Selling expenses 79,383 59,101 39,230 Administrative expenses 50,313 37,687 24,668 Total expenses 129,696 9 6,788 63,898 Income before taxes 92,799 6 0,814 43,094 Income tax expense 17,261 1 2,467 8,748 Net income $ 75,538 $ 48,347 $ 34, 346 2017 2016 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017, and 2016 2018 Assets Current assets $ 47,500 Long-term investments Plant assets, net 85,553 Total assets $ 133,653 Liabilities and Equity Current liabilities $ 19,426 Common stock 71,000 Other paid-in capital 8,875 Retained earnings 33,752 Total liabilities and equity $ 133,053 $ 37,163 400 91,637 $ 129, 200 $ 49,678 4,590 52,774 $ 107,042 $ 19,251 71,000 8,875 30,074 $ 129,200 $ 18,732 53,000 5,889 29,421 $ 107,042 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 3. Complete the below table to calculate the balance sheet data in trend percents with 2016 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2018, 2017 and 2016 2018 2017 2016 100.00 % 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% Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales $ 559,033 $ 428,265 $ 297,200 Cost of goods sold 336,538 270,663 190, 288 Gross profit 222,495 157,602 106,992 Selling expenses 79,383 59,101 39,230 Administrative expenses 50,313 37,687 24,668 Total expenses 129,696 9 6,788 63,898 Income before taxes 92,799 6 0,814 43,094 Income tax expense 17,261 1 2,467 8,748 Net income $ 75,538 $ 48,347 $ 34, 346 2017 2016 KORBIN COMPANY Comparative Balance Sheets December 31, 2018, 2017, and 2016 2018 Assets Current assets $ 47,500 Long-term investments Plant assets, net 85,553 Total assets $ 133,653 Liabilities and Equity Current liabilities $ 19,426 Common stock 71,000 Other paid-in capital 8,875 Retained earnings 33,752 Total liabilities and equity $ 133,053 $ 37,163 400 91,637 $ 129, 200 $ 49,678 4,590 52,774 $ 107,042 $ 19,251 71,000 8,875 30,074 $ 129,200 $ 18,732 53,000 5,889 29,421 $ 107,042 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 3. Complete the below table to calculate the balance sheet data in trend percents with 2016 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2018, 2017 and 2016 2018 2017 2016 100.00 % 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%
