In: Accounting
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 | $ | 484,546 | $ | 371,202 | $ | 257,600 | |||
Cost of goods sold | 291,697 | 233,486 | 164,864 | ||||||
Gross profit | 192,849 | 137,716 | 92,736 | ||||||
Selling expenses | 68,806 | 51,226 | 34,003 | ||||||
Administrative expenses | 43,609 | 32,666 | 21,381 | ||||||
Total expenses | 112,415 | 83,892 | 55,384 | ||||||
Income before taxes | 80,434 | 53,824 | 37,352 | ||||||
Income tax expense | 14,961 | 11,034 | 7,582 | ||||||
Net income | $ | 65,473 | $ | 42,790 | $ | 29,770 | |||
KORBIN COMPANY | |||||||||
Comparative Balance Sheets | |||||||||
December 31, 2019, 2018, and 2017 | |||||||||
2019 | 2018 | 2017 | |||||||
Assets | |||||||||
Current assets | $ | 60,464 | $ | 40,469 | $ | 54,097 | |||
Long-term investments | 0 | 900 | 4,100 | ||||||
Plant assets, net | 114,035 | 103,587 | 61,899 | ||||||
Total assets | $ | 174,499 | $ | 144,956 | $ | 120,096 | |||
Liabilities and Equity | |||||||||
Current liabilities | $ | 25,477 | $ | 21,598 | $ | 21,017 | |||
Common stock | 66,000 | 66,000 | 48,000 | ||||||
Other paid-in capital | 8,250 | 8,250 | 5,333 | ||||||
Retained earnings | 74,772 | 49,108 | 45,746 | ||||||
Total liabilities and equity | $ | 174,499 | $ | 144,956 | $ | 120,096 | |||
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.)