Question

Problem 17-2A 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 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income 441,847 338,491 234,900 150,336 84,564 31,007 19,497 50,504 34,060 6,914 $ 59,704 37,943 27,146 265,992 175,855 214,265 124,226 46,712 29,787 76,499 47,727 9,784 5 925 62,742 39,766 102,508 73,347 13,643 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets $ 51,724 40,468 54,096 4,870 59,927 147,784 143,504 118,893 1,000 102,036 96,060 Liabilities and Equitiy Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 21,576 21,382 20,806 52,000 5,778 40,309 147,784 143,504 118,893 70,000 8,750 47,458 70,000 8,750 43,372 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.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017, 2016 and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.001 % 100.00 100.00 100.001 % 100.001 % 100.00 100.00 100.00 100.001 %

Answer 1

3 KORIN COM PANY Lalan in 1vend Peren De cumber 20 31, 20, 3, 2016, and Absetb 201 2-01 00.007 C0-00 Total Amers Liabiliti and Exui 12u . 30 | 120,700 17,1 1c 0.007, % 103-70% |102-968% | 10ο-00 % 3Y 62 1S1 47 134-6 100. 00.00 | 100.00% | 12D-70 % 124.300%