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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 | $ | 397,455 | $ | 304,483 | $ | 211,300 | |||
Cost of goods sold | 239,268 | 192,738 | 135,232 | ||||||
Gross profit | 158,187 | 111,745 | 76,068 | ||||||
Selling expenses | 56,439 | 42,019 | 27,892 | ||||||
Administrative expenses | 35,771 | 26,795 | 17,538 | ||||||
Total expenses | 92,210 | 68,814 | 45,430 | ||||||
Income before taxes | 65,977 | 42,931 | 30,638 | ||||||
Income taxes | 12,272 | 8,801 | 6,220 | ||||||
Net income | $ | 53,705 | $ | 34,130 | $ | 24,418 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2017, 2016, and 2015 | |||||||||
2017 | 2016 | 2015 | |||||||
Assets | |||||||||
Current assets | $ | 53,412 | $ | 41,789 | $ | 55,862 | |||
Long-term investments | 0 | 1,000 | 4,480 | ||||||
Plant assets, net | 99,195 | 105,398 | 62,431 | ||||||
Total assets | $ | 152,607 | $ | 148,187 | $ | 122,773 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 22,281 | $ | 22,080 | $ | 21,485 | |||
Common stock | 69,000 | 69,000 | 51,000 | ||||||
Other paid-in capital | 8,625 | 8,625 | 5,667 | ||||||
Retained earnings | 52,701 | 48,482 | 44,621 | ||||||
Total liabilities and equity | $ | 152,607 | $ | 148,187 | $ | 122,773 | |||
Problem 17-2A Part 3
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.)
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