Question

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	$	527,432		$	404,056		$	280,400
Cost of goods sold		317,514			252,939			179,456
Gross profit		209,918			151,117			100,944
Selling expenses		74,895			55,760			37,013
Administrative expenses		47,469			35,557			23,273
Total expenses		122,364			91,317			60,286
Income before taxes		87,554			59,800			40,658
Income tax expense		16,285			12,259			8,254
Net income	$	71,269		$	47,541		$	32,404

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
	2019			2018			2017
Assets
Current assets	$	56,623		$	37,898		$	50,661
Long-term investments		0			800			4,450
Plant assets, net		101,986			93,058			54,049
Total assets	$	158,609		$	131,756		$	109,160
Liabilities and Equity
Current liabilities	$	23,157		$	19,632		$	19,103
Common stock		67,000			67,000			49,000
Other paid-in capital		8,375			8,375			5,444
Retained earnings		60,077			36,749			35,613
Total liabilities and equity	$	158,609		$	131,756		$	109,160

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 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 %

Answer 1

Please find attached image as an answer.