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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 $ 505,989 $ 387,629 $ 269,000 Cost of goods sold 304,605 242,656 172,160 Gross profit 201,384 144, 973 96,840 Selling expenses 71,850 53,493 35,508 Administrative expenses 45,539 34,111 22,327 Total expenses 117,389 87,604 57,835 Income before taxes 83,995 57,369 39,005 Income taxes 15,623 11,761 7,918 Net income $ 68,372 $ 45,608 $ 31,087 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 53,659 $ 41,982 $ 56,120 Long-term investments 0 1,100 3,070 Plant assets, net 99,653 105,789 64,150 Total assets $ 153,312 $ 148,871 $ 123,340 Liabilities and Equity Current liabilities $ 22,384 $ 22,182 $ 21,585 Common stock 68,000 68,000 50,000 Other paid-in capital 8,500 8,500 5,556 Retained earnings 54,428 50,189 46,199 Total liabilities and equity $ 153,312 $ 148,871 $ 123,340 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 %
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