Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...

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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years En

2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 56,585 $ 3

2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 d

business accounting

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Answer 1

Answer #1

Common size percent : Income statement

	2019	2018	2017
Sales	100%	100%	100%
Cost of goods sold	60.20%	62.50%	64%
Gross profit	39.80%	37.50%	36%
Selling expense	14.20%	13.80%	13.20%
Administrative expenses	9.00%	8.80%	8.30%
Total expenses	23.20%	22.60%	21.50%
Income before taxes	16.60%	14.90%	14.50%
Income tax expense	3.09%	3.05%	2.94%
Net income	13.51%	11.85%	11.56%

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Answer 2

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