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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 | $ | 398,960 | $ | 305,636 | $ | 212,100 | |||
Cost of goods sold | 240,174 | 191,634 | 135,744 | ||||||
Gross profit | 158,786 | 114,002 | 76,356 | ||||||
Selling expenses | 56,652 | 42,178 | 27,997 | ||||||
Administrative expenses | 35,906 | 26,896 | 17,604 | ||||||
Total expenses | 92,558 | 69,074 | 45,601 | ||||||
Income before taxes | 66,228 | 44,928 | 30,755 | ||||||
Income tax expense | 12,318 | 9,210 | 6,243 | ||||||
Net income | $ | 53,910 | $ | 35,718 | $ | 24,512 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2019, 2018, and 2017 | |||||||||
2019 | 2018 | 2017 | |||||||
Assets | |||||||||
Current assets | $ | 56,006 | $ | 37,485 | $ | 50,109 | |||
Long-term investments | 0 | 900 | 3,080 | ||||||
Plant assets, net | 104,011 | 94,541 | 56,940 | ||||||
Total assets | $ | 160,017 | $ | 132,926 | $ | 110,129 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 23,362 | $ | 19,806 | $ | 19,273 | |||
Common stock | 69,000 | 69,000 | 51,000 | ||||||
Other paid-in capital | 8,625 | 8,625 | 5,667 | ||||||
Retained earnings | 59,030 | 35,495 | 34,189 | ||||||
Total liabilities and equity | $ | 160,017 | $ | 132,926 | $ | 110,129 | |||
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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