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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 | $ | 477,398 | $ | 365,726 | $ | 253,800 | |||
Cost of goods sold | 287,394 | 231,505 | 162,432 | ||||||
Gross profit | 190,004 | 134,221 | 91,368 | ||||||
Selling expenses | 67,791 | 50,470 | 33,502 | ||||||
Administrative expenses | 42,966 | 32,184 | 21,065 | ||||||
Total expenses | 110,757 | 82,654 | 54,567 | ||||||
Income before taxes | 79,247 | 51,567 | 36,801 | ||||||
Income taxes | 14,740 | 10,571 | 7,471 | ||||||
Net income | $ | 64,507 | $ | 40,996 | $ | 29,330 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2017, 2016, and 2015 | |||||||||
2017 | 2016 | 2015 | |||||||
Assets | |||||||||
Current assets | $ | 45,512 | $ | 35,607 | $ | 47,599 | |||
Long-term investments | 0 | 1,000 | 4,660 | ||||||
Plant assets, net | 85,835 | 90,935 | 53,410 | ||||||
Total assets | $ | 131,347 | $ | 127,542 | $ | 105,669 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 19,177 | $ | 19,004 | $ | 18,492 | |||
Common stock | 65,000 | 65,000 | 47,000 | ||||||
Other paid-in capital | 8,125 | 8,125 | 5,222 | ||||||
Retained earnings | 39,045 | 35,413 | 34,955 | ||||||
Total liabilities and equity | $ | 131,347 | $ | 127,542 | $ | 105,669 | |||
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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