In: Accounting
[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, 2016, 2015, and 2014 | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Sales | $ | 550,381 | $ | 421,637 | $ | 292,600 | ||||||
Cost of goods sold | 331,329 | 264,366 | 187,264 | |||||||||
Gross profit | 219,052 | 157,271 | 105,336 | |||||||||
Selling expenses | 78,154 | 58,186 | 38,623 | |||||||||
Administrative expenses | 49,534 | 37,104 | 24,286 | |||||||||
Total expenses | 127,688 | 95,290 | 62,909 | |||||||||
Income before taxes | 91,364 | 61,981 | 42,427 | |||||||||
Income taxes | 16,994 | 12,706 | 8,613 | |||||||||
Net income | $ | 74,370 | $ | 49,275 | $ | 33,814 | ||||||
KORBIN COMPANY | ||||||||||||
Comparative Balance Sheets | ||||||||||||
December 31, 2016, 2015, and 2014 | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Assets | ||||||||||||
Current assets | $ | 45,997 | $ | 35,987 | $ | 48,106 | ||||||
Long-term investments | 0 | 900 | 4,890 | |||||||||
Plant assets, net | 86,750 | 92,016 | 53,800 | |||||||||
Total assets | $ | 132,747 | $ | 128,903 | $ | 106,796 | ||||||
Liabilities and Equity | ||||||||||||
Current liabilities | $ | 19,381 | $ | 19,207 | $ | 18,689 | ||||||
Common stock | 69,000 | 69,000 | 51,000 | |||||||||
Other paid-in capital | 8,625 | 8,625 | 5,667 | |||||||||
Retained earnings | 35,741 | 32,071 | 31,440 | |||||||||
Total liabilities and equity | $ | 132,747 | $ | 128,903 | $ | 106,796 |
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 2014 as the base year. (Round your
percentage answers to 2 decimal places.) |