Required information Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [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, 2017, 2016, and 2015 2017 2016 2015 Sales $ 488,496 $374,228 $259,700 Cost of goods sold 294,075 235,389 166,208 Gross profit 194,421 138,839 93,492 Selling expenses 69,366 51,643 34,280 Administrative expenses 43,965 32,932 21,555 Total expenses 113,331 84,575 55,835 Income before taxes 81,090 54,264 37,657 Income taxes 15,083 11,124 7,644 Net income $ 66,007 $ 43,140 $ 30,013 2015
KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets $ 48,942 $ 38,291 Long-term investments 600 Plant assets, net 88,150 94,230 Total assets $137,092 $133,121 Liabilities and Equity Current liabilities $ 20,015 $ 19,835 Common stock 66,000 66,000 Other paid-in capital 8, 250 8,250 Retained earnings 42,827 39,036 Total liabilities and equity $137,092 $133,121 $ 51,186 4,630 54,475 $110,291 $ 19,301 48,000 5,333 37,657 $110,291
Problem 13-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2015 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income