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! Required information [The following information applies to the questions displayed below.] Selected comparative financial sIncome taxes Net income 13,730 $ 60,085 53 9,986 $ 38,728 6,958 $ 27,320 2015 500 KORBIN COMPANY Comparative Balance Sheets DCommon stock Other paid-in capital Retained earnings Total liabilities and equity 67,000 8,375 38,561 $ 133, 415 67,000 8,375

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Answer #1

Common size comparative income statements

For tyears ended December 31,2017, 2016 and 2015

2017 2016 2015
Sales 100% 100% 100%
Cost of goods sold 60.20% 63.10% 64%
Gross profit 39.80% 36.90% 36%
Selling expense 14.20% 13.80% 13.20%
Administrative expense 9.00% 8.80% 8.30%
Total expense 23.20% 22.60% 21.50%
Income before taxes 16.60% 14.30% 14.50%
Income taxes 3.09% 2.93% 2.94%
Net income 13.51% 11.37% 11.56%
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