Question

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 $ 494,327 378,695 $ 262,800 Cost of goods sold 297,585 237,820 168,192 Gross profit 196,742 148,875 94,608 Selling expenses 70,194 52,260 34,690 Administrative expenses 44,489 33,325 21,812 Total expenses 114,683 85.585 56,502 Income before taxes 82,059 55.290 38.106 Income taxes 15,263 11.334 7,736 Net income $ 66,796 $ 43,956 5 30,379 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets $ 52,118 $ 40,776 Long-term investments 700 Plant assets, net 98,295 104,581 Total assets $ 150,413 S146,057 Liabilities and Equity Current liabilities $ 21,960 $ 21,762 Common stock 54,000 64,000 Other paid in capital 8,000 8,000 Retained earnings 56,453 52,295 Total liabilities and equity $ 150,413 $ 146,057 $ 54,508 4,152 62,350 5 121,098 5 21.176 46,00 5.111 45,721 $121.00 Problem 13-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage ans decimal places.) < Prev o r here to search

Answer 1

rate positively ..

	2017		2016		2015
Sales	494327	100.00%	378695	100.00%	262800	100.00%
Cost of goods sold	297585	60.20%	237820	62.80%	168192	64.00%
Gross profit	196742	39.80%	140875	37.20%	94608	36.00%
selling expenses	70194	14.20%	52260	13.80%	34690	13.20%
Administrative expenses	44489	9.00%	33325	8.80%	21812	8.30%
Total expenses	114683	23.20%	85585	22.60%	56502	21.50%
Income before tax	82059	16.60%	55290	14.60%	38106	14.50%
income tax	15263	3.09%	11334	2.99%	7736	2.94%
Net income	66796	13.51%	43956	11.61%	30370	11.56%