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Required information Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following...

Required information

Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3

[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, 2017, 2016, and 2015
2017 2016 2015
Sales $ 528,561 $ 404,921 $ 281,000
Cost of goods sold 318,194 253,481 179,840
Gross profit 210,367 151,440 101,160
Selling expenses 75,056 55,879 37,092
Administrative expenses 47,570 35,633 23,323
Total expenses 122,626 91,512 60,415
Income before taxes 87,741 59,928 40,745
Income taxes 16,320 12,285 8,271
Net income $ 71,421 $ 47,643 $ 32,474


KORBIN COMPANY
Comparative Balance Sheets
December 31, 2017, 2016, and 2015
2017 2016 2015
Assets
Current assets $ 49,834 $ 38,989 $ 52,119
Long-term investments 0 700 3,220
Plant assets, net 92,549 98,570 59,209
Total assets $ 142,383 $ 138,259 $ 114,548
Liabilities and Equity
Current liabilities $ 20,788 $ 20,601 $ 20,046
Common stock 71,000 71,000 53,000
Other paid-in capital 8,875 8,875 5,889
Retained earnings 41,720 37,783 35,613
Total liabilities and equity $ 142,383 $ 138,259 $ 114,548

1. Complete the below table to calculate each year's current ratio.

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 2015 as the base year. (Round your percentage answers to 2 decimal places.)

Current Ratio
Choose Numerator: / Choose Denominator: = Current ratio
/ = Current ratio
2017 / = 0 to 1
2016 / = 0 to 1
2015 / = 0 to 1
KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2017, 2016, and 2015
2017 2016 2015
Sales % % %
Cost of goods sold -1 -1 -1
Gross profit
Selling expenses -1 -1 -1
Administrative expenses -1 -1 -1
Total expenses
Income before taxes -1 -1 -1
Income taxes -1 -1 -1
Net income % % %
KORBIN COMPANY
Balance Sheet Data in Trend Percents
December 31, 2017, 2016 and 2015
2017 2016 2015
Assets
Current assets % % 100.00 %
Long-term investments 100.00
Plant assets, net 100.00
Total assets % % 100.00 %
Liabilities and Equity
Current liabilities % % 100.00 %
Common stock 100.00
Other paid-in capital 100.00
Retained earnings 100.00
Total liabilities and equity % % 100.00 %

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