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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 | $ | 554,143 | $ | 424,519 | $ | 294,600 | |||
Cost of goods sold | 333,594 | 269,145 | 188,544 | ||||||
Gross profit | 220,549 | 155,374 | 106,056 | ||||||
Selling expenses | 78,688 | 58,584 | 38,887 | ||||||
Administrative expenses | 49,873 | 37,358 | 24,452 | ||||||
Total expenses | 128,561 | 95,942 | 63,339 | ||||||
Income before taxes | 91,988 | 59,432 | 42,717 | ||||||
Income taxes | 17,110 | 12,184 | 8,672 | ||||||
Net income | $ | 74,878 | $ | 47,248 | $ | 34,045 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2017, 2016, and 2015 | |||||||||
2017 | 2016 | 2015 | |||||||
Assets | |||||||||
Current assets | $ | 49,472 | $ | 38,706 | $ | 51,740 | |||
Long-term investments | 0 | 800 | 3,650 | ||||||
Plant assets, net | 94,761 | 100,549 | 60,646 | ||||||
Total assets | $ | 144,233 | $ | 140,055 | $ | 116,036 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 21,058 | $ | 20,868 | $ | 20,306 | |||
Common stock | 67,000 | 67,000 | 49,000 | ||||||
Other paid-in capital | 8,375 | 8,375 | 5,444 | ||||||
Retained earnings | 47,800 | 43,812 | 41,286 | ||||||
Total liabilities and equity | $ | 144,233 | $ | 140,055 | $ | 116,036 | |||
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