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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $548,500 $ 420, 196 $ 291,600 Cost of goods sold 330, 197 263, 463 186,624 Gross profit 218, 303 156, 733 104,976 Selling expenses 77,887 57,987 38, 491 Administrative expenses 49,365 36,977 24, 203 Total expenses 127, 252 94,964 62,694 Income before taxes 91,051 61,769 42,282 Income tax expense 16,935 12,663 8,583 Net income $ 74, 116 $ 49,106 $ 33,699 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 53,231 $ 35,628 Long-term investments 900 Plant assets, net 101,961 92,389 Total assets $ 155,192 $ 128, 917 Liabilities and Equity Current liabilities $ 22,658 $ 19, 209 Common stock 65,000 65,000 Other paid-in capital 8, 125 8,125 Retained earnings 59, 409 36,583 Total liabilities and equity $ 155, 192 $ 128, 917 $ 47, 626 4,800 54,382 $ 106, 808 $ 18, 691 47,000 5,222 35,895 $ 106, 808 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio = Choose Numerator: Choose Denominator: Current ratio Current assets / Current liabilities Current ratio 2019 to 1 E = 2018 to 1 2017 to 1 V 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales % 1% 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 2017 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets Current assets % % 100.00 % 100.00 Long-term investments Plant assets, net 100.00 % % 100.00 % Total assets Liabilities and Equity % % 100.00 % Current liabilities 100.00 Common stock 100.00 Other paid-in capital Retained earnings Total liabilities and equity 100.00 100.00 % % %
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