Question

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 $ 390,684 $ 299,296 $ 207,700 Cost of goods sold 235,192 187,359 132,928 Gross profit 155,492 111,937 74,772 Selling expenses 55,477 41,303 27,416 Administrative expenses 35,162 26,338 17,239 Total expenses 90,639 67,641 44,655 Income before taxes 64,853 44,296 30,117 Income taxes 12,063 9,081 6,114 Net income $ 52,790 $ 35,215 $ 24,003 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 48,164 $ 37,683 $ 50,373 Long-term investments 0 600 4,030 Plant assets, net 90,838 96,693 57,425 Total assets $ 139,002 $ 134,976 $ 111,828 Liabilities and Equity Current liabilities $ 20,294 $ 20,111 $ 19,570 Common stock 67,000 67,000 49,000 Other paid-in capital 8,375 8,375 5,444 Retained earnings 43,333 39,490 37,814 Total liabilities and equity $ 139,002 $ 134,976 $ 111,828 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)

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.)

Answer 1