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 $ 506,177 $ 387,773 $ 269,100 Cost of goods sold 304,719 245,073 172,224 Gross profit 201,458 142,700 96,876 Selling expenses 71,877 53,513 35,521 Administrative expenses 45,556 34,124 22,335 Total expenses 117,433 87,637 57,856 Income before taxes 84,025 55,063 39,020 Income taxes 15,629 11, 288 7,921 Net income $ 68,396 $ 43,775 $ 31,099 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets $ 47,239 $ 36,959 Long-term investments 0 700 Plant assets, net 85,083 90,831 Total assets $ 132, 322 $ 128, 490 Liabilities and Equity Current liabilities $ 19,319 $ 19,145 Common stock 71,000 71,000 Other paid-in capital 8,875 8,875 Retained earnings 33, 128 29,470 Total liabilities and equity $ 132, 322 $ 128,490 $ 49, 405 4,490 52,559 $ 106, 454 $ 18,629 53,000 5,889 28,936 $ 106, 454 Problem 17-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: / Choose Denominator: Current ratio 1 = Current ratio 2017 1 = 0 to 1 2016 1 0 to 1 2015 1 o 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 % % % 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 0 100.00 % 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 %