Question
Selected comparative financial statements of Korbin Company followKORBIN COMPANYComparative Income StatementsFor Years Ended December 31, 2015, 2014, and 2013201520142013Sales$437,333$335,033$232,500Cost of goods sold263,274210,736148,800Gross profit174,059124,29783,700Selling expenses62,10146,23530,690Administrative expenses39,36029,48319,298Total
Selected comparative financial statements of Korbin Company followKORBIN COMPANYComparative Income StatementsFor Years Ended December 31, 2015, 2014, and 2013201520142013Sales$437,333$335,033$232,500Cost of goods sold263,274210,736148,800Gross profit174,059124,29783,700Selling expenses62,10146,23530,690Administrative expenses39,36029,48319,298Total expenses101,46175,71849,988Income before taxes72,59848,57933,712Income taxes13,5039,9596,844Net income$59,095$38,620$26,868
KORBIN COMPANYComparative Balance SheetsDecember 31, 2015, 2014, and 2013201520142013AssetsCurrent assets$51,568$40,345$53,932Long-term investments04003,650Plant assets, net92,87999,51858,626Total assets$144,447$140,263$116,208Liabilities and EquityCurrent liabilities$21,089$20,899$20,336Common stock69,00069,00051,000Other paid-in capital8,6258,6255,667Retained earnings45,73341,73939,205Total liabilities and equity$144,447$140,263$116,208
1.Complete the below table to calculate each year's current ratio.
2.2.Complete the below table to calculate income statement data in common-size percents.(Round your percentage answers to 2 decimal places.)
3.Complete the below table to calculate the balance sheet data in trend percents with 2013 as the base year.(Round your percentage answers to 2 decimal places.)
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