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Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3

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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	$	430,373		$	329,701		$	228,800
Cost of goods sold		259,085			207,052			146,432
Gross profit		171,288			122,649			82,368
Selling expenses		61,113			45,499			30,202
Administrative expenses		38,734			29,014			18,990
Total expenses		99,847			74,513			49,192
Income before taxes		71,441			48,136			33,176
Income tax expense		13,288			9,868			6,735
Net income	$	58,153		$	38,268		$	26,441

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
	2019			2018			2017
Assets
Current assets	$	58,843		$	39,383		$	52,647
Long-term investments		0			600			3,070
Plant assets, net		107,614			98,292			58,844
Total assets	$	166,457		$	138,275		$	114,561
Liabilities and Equity
Current liabilities	$	24,303		$	20,603		$	20,048
Common stock		68,000			68,000			50,000
Other paid-in capital		8,500			8,500			5,556
Retained earnings		65,654			41,172			38,957
Total liabilities and equity	$	166,457		$	138,275		$	114,561

Problem 13-2A Part 1

Required:
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 2017 as base year. (Round your percentage answers to 2 decimal places.)

Answer 1