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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:
2017 | 2016 | 2015 | |
---|---|---|---|
Sales | $455,202 | $348,722 | $242,000 |
Cost of goods sold | 274,032 | 218,997 | 154,880 |
Gross profit | 181,170 | 129,725 | 87,120 |
Selling expenses | 64,639 | 48,124 | 31,944 |
Administrative expenses | 40,968 | 30,688 | 20,086 |
Total expenses | 105,607 | 78,812 | 52,030 |
Income before taxes | 75,563 | 50,913 | 35,090 |
Income taxes | 14,055 | 10,437 | 7,123 |
Net income | $61,508 | $40,476 | $27,967 |
2017 | 2016 | 2015 | |
---|---|---|---|
Assets | |||
Current assets | $52,781 | $41,294 | $55,201 |
Long-term investments | 0 | 500 | 4,270 |
Plant assets, net | 98,021 | 104,640 | 61,850 |
Total assets | $150,802 | $146,434 | $121,321 |
Liabilities and Equity | |||
Current liabilities | $22,017 | $21,819 | $21,231 |
Common stock | 66,000 | 66,000 | 48,000 |
Other paid-in capital | 8,250 | 8,250 | 5,333 |
Retained earnings | 54,535 | 50,365 | 46,757 |
Total liabilities and equity | $150,802 | $146,434 | $121,321 |
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
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