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[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended
[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY | |||||||||
Comparative Income Statements | |||||||||
For Years Ended December 31, 2019, 2018, and 2017 | |||||||||
2019 | 2018 | 2017 | |||||||
Sales | $ | 555,000 | $ | 340,000 | $ | 278,000 | |||
Cost of goods sold | 283,500 | 212,500 | 153,900 | ||||||
Gross profit | 271,500 | 127,500 | 124,100 | ||||||
Selling expenses | 102,900 | 46,920 | 50,800 | ||||||
Administrative expenses | 50,668 | 29,920 | 22,800 | ||||||
Total expenses | 153,568 | 76,840 | 73,600 | ||||||
Income before taxes | 117,932 | 50,660 | 50,500 | ||||||
Income tax expense | 40,800 | 10,370 | 15,670 | ||||||
Net income | $ | 77,132 | $ | 40,290 | $ | 34,830 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2019, 2018, and 2017 | |||||||||
2019 | 2018 | 2017 | |||||||
Assets | |||||||||
Current assets | $ | 52,390 | $ | 37,924 | $ | 51,748 | |||
Long-term investments | 0 | 500 | 3,950 | ||||||
Plant assets, net | 100,000 | 96,000 | 60,000 | ||||||
Total assets | $ | 152,390 | $ | 134,424 | $ | 115,698 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 22,800 | $ | 19,960 | $ | 20,300 | |||
Common stock | 72,000 | 72,000 | 60,000 | ||||||
Other paid-in capital | 9,000 | 9,000 | 6,000 | ||||||
Retained earnings | 48,590 | 33,464 | 29,398 | ||||||
Total liabilities and equity | $ | 152,390 | $ | 134,424 | $ | 115,698 | |||
3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.)
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