[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 $ 463,855 $355, 351 $ 246, 600 Cost of goods sold 279, 241 223, 160 157,824 Gross profit 184,614 132, 191 88,776 Selling expenses 65,867 49, 038 32,551 Administrative expenses 41, 747 31,271 20, 468 Total expenses 107,614 80, 309 53,019 Income before taxes 77,000 51, 882 35, 757 Income tax expense 14,322 10,63 7,259 Net income $ 62,678 $ 41, 246 $ 28, 498 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 57, 388 $ 38, 410 $ 51, 345 Long-term investments 900 4,980 Plant assets, net 106,577 96,895 56,521 Total assets $ 163,965 $ 136,205 $112,846 Liabilities and Equity Current liabilities $ 23,939 $ 20,295 $ 19,748 Common stock 71,000 71,000 53,000 Other paid in capital 8, 875 8,875 5,889 Retained earnings 60, 151 36,035 34,209 Total liabilities and equity $ 163, 965 $ 136,295 $112, 846 Total liabilities and equity $ 163, 965 $ 136,205 $112,846 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 100.00 KORBIN COMPANY Common Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00% 100,00 Cost of goods sold 279,241.00 Gross profit (279.141.00) Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 96 96 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.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets 100.00 96 100.00 100.00 100.00 100.00 9 Current assets Long-term investments plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid in capital Retained earnings Total liabilities and equity 100.00 100.00 100.00 100.000 Liabilities ana Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 23,939 71,000 8,875 60, 151 $ 163,965 $ 20, 295 $ 19,748 71,000 53,000 8,875 5,889 36, 035 34,209 $ 136,205 $ 112,846 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: 1 11 Choose Numerator: Current ratio 1 Current ratio 11 0 to 1 2019 11 0 to 1 2018 11 0 to 1 2017 Retained earnings Total liabilities and equity 00 151 36,035 34,209 $ 163,065 $136,205 $112.846 2. Complete the below table to calculate Income statement data in common size percents. (Round your percentage answers to 2 decimal places.) 2017 96 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales Cost of goods sold Gross profit Seling expenses Administrative expenses Total expenses Income before taxes Income tax expense 96 % Net income 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.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets rent assets 9 06 100,00 % 100.00 Long-term investments Plant assets, net 100.00 100.00% 9 Total assets Liabilities and Equity Current liabilities 96 100.00 % 100.00 Common stock 100.00 100.00 Other pald-in capital Retained earnings Total liabilities and equity % 100.00%
