Question

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 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $475,141 $363,997$252,600 161,664 90,936 33,343 286,035 229,682 189,106 134,315 50,232 67,470 82,2643 110,233 78,873 14,670 $ 64,203 54,309 36,627 7,435 41,381 $ 29,192 52,051 10,670 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2016 51,324 $ 40,155 53,677 95,315 101,3359,815 2017 2015 AssetS Current assets Long-term investments Plant assets, net Total assets 900 4,480 $146,639 $142,392 $117,972 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $21,409 $ 21,216 20,645 50,000 5,556 41,771 $146,639 $142,392 $117,972 68,000 8,500 48,730 68,000 8,500 44,676 Total liabilities and equity

Answer 1