question archive 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 $ 510, 315 $ 390,943 $ 271,300 Cost of goods sold 307,210 247,076 173,632 Gross profit 203, 105 143,867 97,668 Selling expenses 72,465 53,950 35,812 Administrative expenses 45,928 34,403 22,518 Total expenses 118,393 88,353 58,330 Income before taxes 84,712 55,514 39,338 Income taxes 15,756 11,380 7,986 Net income $ 68,956 $ 44,134 $ 31,352 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 47,247 $ 36,965 $ 49, 413 Long-term investments 0 1,100 3,540 Plant assets, net 87,744 93,016 55,648 Total assets $ 134,991 $ 131,081 $ 108,601 Liabilities and Equity Current liabilities $ 19,709 $ 19,531 $ 19,005 Common stock 64,000 64,000 46,000 Other paid-in capital 8,000 8,000 5,111 Retained earnings 43,282 39,550 38,485 Total liabilities and equity $ 134,991 $ 131,081 $ 108,601 2
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 $ 510, 315 $ 390,943 $ 271,300 Cost of goods sold 307,210 247,076 173,632 Gross profit 203, 105 143,867 97,668 Selling expenses 72,465 53,950 35,812 Administrative expenses 45,928 34,403 22,518 Total expenses 118,393 88,353 58,330 Income before taxes 84,712 55,514 39,338 Income taxes 15,756 11,380 7,986 Net income $ 68,956 $ 44,134 $ 31,352 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 47,247 $ 36,965 $ 49, 413 Long-term investments 0 1,100 3,540 Plant assets, net 87,744 93,016 55,648 Total assets $ 134,991 $ 131,081 $ 108,601 Liabilities and Equity Current liabilities $ 19,709 $ 19,531 $ 19,005 Common stock 64,000 64,000 46,000 Other paid-in capital 8,000 8,000 5,111 Retained earnings 43,282 39,550 38,485 Total liabilities and equity $ 134,991 $ 131,081 $ 108,601 2
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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 $ 510, 315 $ 390,943 $ 271,300 Cost of goods sold 307,210 247,076 173,632 Gross profit 203, 105 143,867 97,668 Selling expenses 72,465 53,950 35,812 Administrative expenses 45,928 34,403 22,518 Total expenses 118,393 88,353 58,330 Income before taxes 84,712 55,514 39,338 Income taxes 15,756 11,380 7,986 Net income $ 68,956 $ 44,134 $ 31,352 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 47,247 $ 36,965 $ 49, 413 Long-term investments 0 1,100 3,540 Plant assets, net 87,744 93,016 55,648 Total assets $ 134,991 $ 131,081 $ 108,601 Liabilities and Equity Current liabilities $ 19,709 $ 19,531 $ 19,005 Common stock 64,000 64,000 46,000 Other paid-in capital 8,000 8,000 5,111 Retained earnings 43,282 39,550 38,485 Total liabilities and equity $ 134,991 $ 131,081 $ 108,601
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 2015 Sales 100.00% 100.001% 100.00% Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income % % %
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.) 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 100.00 100.00 Retained earnings Total liabilities and equity % % 100.00 %
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