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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
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 $ 391,812 $300,160 $208,300 Cost of goods sold 235,871 187,600 133,312 Gross profit 155, 941 112,560 74,988 Selling expenses 55,637 41,422 27,496 Administrative expenses 35,263 26,414 17,289 Total expenses 90,900 67,836 44,785 Income before taxes 65, 041 44,724 30, 203 Income taxes 12,098 9, 168 6, 131 Net income $ 52,943 $ 35,556 $ 24,072 0 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 49,794 $ 38,958 $ 52,078 Long-term investments 800 4,940 Plant assets, net 93,913 99,787 58,595 Total assets $ 143,707 $ 139,545 $ 115,613 Liabilities and Equity Current liabilities $ 20,981 $ 20,792 $ 20,232 Common stock 65,000 65,000 47,000 Other paid-in capital 8, 125 8, 125 5,222 Retained earnings 49,601 45,628 43, 159 Total liabilities and equity $ 143,707 $ 139,545 $115,613 3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017, 2016 and 2015 2017 2016 2015 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 100.00 Other paid-in capital Retained earnings Total liabilities and equity 100.00 % % 100.00 % Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: Choose Denominator: Current ratio / = Current ratio 2017 = 0 to 1 0 to 1 2016 - 2015 0 to 1 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, 2017, 2016, and 2015 2017 2016 2015 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income % % %
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