Selected comparative financial statements of Korbin Company follow. Problem 13-2A Ratios, common-size statements, and trend percents P1 P2 P3 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 CABOT CORPORATI Income Statemen For Yeni Ended December 2015 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 $ 52,390 Assets Current assets................. Long-term investments ......... Plant assets, net............... Total assets.. 0 $ 37,924 500 96,000 $134.424 $ 51,748 3,950 60,000 $115,698 Sales Cost of goods sold ...... Gross profit...... Operating expenses..... 100,000 $152,390 Interest expense........ Income before taxes..... Sales ...................... Cost of goods sold. Gross profit Selling expenses........... Administrative expenses ..... Total expenses.... Income before taxes....... Income taxes. Net income..... . $555,000 283,500 271,500 102,900 50.668 153,568 117,932 40.800 $ 77,132 $340,000 212,500 127,500 46,920 29.920 76,840 50,660 10.370 $ 40,290 $278,000 153.900 124,100 50,800 22,800 73,600 50,500 15.670 $ 34,830 income taxes......... Net Income .......... Liabilities and Equity Current liabilities............... Common stock ............... Other pald-in capital............ Retained earnings ............. Total liabilities and equity........ $ 22,800 72,000 9,000 48,590 $152,390 $ 19,960 72.000 9,000 33,464 $134.424 $ 20,300 60,000 6,000 29,398 $115,698 Required 1. Compute each year's current ratio. (Round ratio amounts to one decimal.) 2. Express the income statement data in common-size percents. (Round percents to two decimals.) 3. Express the balance sheet data in trend percents with 2015 as the base year. (Round percents to two decimals.) Required Compute the followin turnover, (5) days' sal ratio, (9) total asset tu Round to one decima Check (3) 2017. Total assets trend, 131.71% Analysis Component 4. Comment on any significant relations revealed by the ratios and percents computed. amary informati Mile Home Insert Page Layout Formulas Data Review View Help K11 for Cells are unprotected so BC DEFG HIJ K L M N OF KORBIN CORPORATION Common-Size Comparative Income Statements For Years Ended December 31, 2019 and 2018 - 8 2018 % Cells al unprotected so you can make use of formulas 11 Sales 12 Cost of goods sold 13 Gross promet 14 Selling expenses 15 Administrative expenses 16 Total expenses 17 Income before taxes 18 income taxes 19 Net income 2019 $ 555,000 283,500 271,500 102.900 50668 153,568 117,902 40.800 $ 77.12 2019 % 100.00% $ 510824 48.92% 18,54% 9.13 27.6794 21254 7.35% 13.301 2018 340,000 212,500 127,500 46.920 29,920 76,840 50,660 10.370 40.290 2017 278,000 153,900 124,100 50.800 22,800 73,600 50,500 15.670 34 830 Car NES KORBIN CORPORATION Common-Size Comparative Balance Sheets December 31, 2019 and 2018 2019 2019 x 2018 2018 % 2017 27 Assets Accounts receivable $ 52,390 $ 37,924 $ 51,748 30 Inventory 12,000 10,500 3.950 32 Total Ourrent assets 64,390 48.424 55,698 5823 34 Plant assets, net 88,000 86,000 60.000 os Total assets 152390131.00 $ 134424 1 15698 38 Liabilities & Equity 39 Current liabilities $ 22.800 19,960 $ 20,300 41 Common Stock 72,000 72.000 60,000 43 Other paid-in capital 9.000 9.000 6.000 45 Retained earrings 48. 590 3 3464 29,398 47 Tous liabilities and equity 152390 194424 1 5698 50 KORBIN CORPORATION Comparative Balance Sheets December 31, 2013 and 2018 52 2018 Dollar Chg. Change X 55 Assets 56 Pocounts receivable 52,330 $ 37,924 58 hvertory 12,000 10,500 60 Plant assots, net 88.000 86.000 52 Total assets 152330 134434 64 Liabilities & Equity 65 Current liabilities 22,800 $ 19,960 C P13-2A Template Read Type here to search File mome Insert Page Layout Formulas Data Review View H K11 X fr Cells are unprotected so B D E G I J K NO F 134,424 H 115.699 47 Total liabilities and equity $ 152390 $ 48 KORBIN CORPORATION Comparative Balance Sheets December 31, 2019 and 2018 2019 2018 Dollar Chg. Change % 55 Assets 56 Accounts receivable $ 52,390 $ 37,924 59 Inventory 12,000 10,500 60 Plant assets, net 88.000 86.000 Total assets 64 Liabilities & Equity 65 Current liabilities 22,800'$ 19,900 67 Common Stock 72,000 2,000 69 Other paid in capital 9.000 9.000 71 Retained earnings 48,590 33,464 73 Total liabilities and equity 152,390 134,424 KORBIN CORPORATION Significant Ratios December 31, 2019 and 2018 2019 2018 80 81 Current ratio 83 Accounts receivable turno 85 Days sales uncollected B7 Inventory turnover 09 Days sales in inventory Commons revions revealed by the ratios and percents computed 8888888888888888 P13-2 A Template O Type here to search