Required information [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 $ 479,843 $ 367,599 $ 255,100 Cost of goods sold 288,865 229,749 163,264 Gross profit 190,978 137,850 91,836 Selling expenses 68,138 50,729 33,673 Administrative expenses 43,186 32,349 21,173 Total expenses 111,324 83,078 54,846 Income before taxes 79,654 54,772 36,990 Income taxes 14,816 11,228 7,509 Net income $ 64,838 $ 43,544 $ 29,481 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 50,330 $ 39,377 $ 52,638 Long-term investments 0 1,100 3,970 Plant assets, net 96,406 102,009 61,442 Total assets $ 146,736 $ 142,486 $ 118,050 Liabilities and Equity Current liabilities $ 21,423 $ 21,230 $ 20,659 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 44,313 40,256 37,391 Total liabilities and equity $ 146,736 $ 142,486 $ 118,050 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
Required information [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 $ 479,843 $ 367,599 $ 255,100 Cost of goods sold 288,865 229,749 163,264 Gross profit 190,978 137,850 91,836 Selling expenses 68,138 50,729 33,673 Administrative expenses 43,186 32,349 21,173 Total expenses 111,324 83,078 54,846 Income before taxes 79,654 54,772 36,990 Income taxes 14,816 11,228 7,509 Net income $ 64,838 $ 43,544 $ 29,481 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets $ 50,330 $ 39,377 $ 52,638 Long-term investments 0 1,100 3,970 Plant assets, net 96,406 102,009 61,442 Total assets $ 146,736 $ 142,486 $ 118,050 Liabilities and Equity Current liabilities $ 21,423 $ 21,230 $ 20,659 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 44,313 40,256 37,391 Total liabilities and equity $ 146,736 $ 142,486 $ 118,050 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
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| **PLEASE FILL OUT THE GRAPH DISPLAYED** Selected comparative financial statements of Korbin Companyfollow: |
| KORBIN COMPANY | ||||||||||||
| Comparative Income Statements | ||||||||||||
| For Years Ended December 31, 2015, 2014, and 2013 | ||||||||||||
| 2015 | 2014 | 2013 | ||||||||||
| Sales | $ | 378,645 | $ | 290,073 | $ | 201,300 | ||||||
| Costof goods sold | 227,944 | 181,586 | 128,832 | |||||||||
| Gross profit | 150,701 | 108,487 | 72,468 | |||||||||
| Selling expenses | 53,768 | 40,030 | 26,572 | |||||||||
| Administrative expenses | 34,078 | 25,526 | 16,708 | |||||||||
| Total expenses | 87,846 | 65,556 | 43,280 | |||||||||
| Income before taxes | 62,855 | 42,931 | 29,188 | |||||||||
| Income taxes | 11,691 | 8,801 | 5,925 | |||||||||
| Netincome | $ | 51,164 | $ | 34,130 | $ | 23,263 | ||||||
| KORBIN COMPANY | ||||||||||||
| Comparative Balance Sheets | ||||||||||||
| December 31, 2015, 2014, and 2013 | ||||||||||||
| 2015 | 2014 | 2013 | ||||||||||
| Assets | ||||||||||||
| Current assets | $ | 47,581 | $ | 37,227 | $ | 49,763 | ||||||
| Long-term investments | 0 | 900 | 4,800 | |||||||||
| Plant assets, net | 87,020 | 92,575 | 53,724 | |||||||||
| Total assets | $ | 134,601 | $ | 130,702 | $ | 108,287 | ||||||
| Liabilities and Equity | ||||||||||||
| Current liabilities | $ | 19,652 | $ | 19,475 | $ | 18,950 | ||||||
| Common stock | 72,000 | 72,000 | 54,000 | |||||||||
| Other paid-in capital | 9,000 | 9,000 | 6,000 | |||||||||
| Retained earnings | 33,949 | 30,227 | 29,337 | |||||||||
| Total liabilities and equity | $ | 134,601 | $ | 130,702 | $ | 108,287 | ||||||
| Choose Numerator | / | Choose Denominator | = | Current ratio | |
|---|---|---|---|---|---|
| / | = | Current ratio | |||
| 2015 | / | = | ____ to 1 | ||
| 2014 | / | = | ____ to 1 | ||
| 2013 | / | = | ____ to 1 |
Complete the below table to calculate income statement data incommon-size percents. (Round your percentage answers to 2decimal places.)
| Korbin Company | ||||||
| Common-size comparative income statements | ||||||
| For Years Ended December 31, 2015, 2014, and 2013 | ||||||
| 2015 | 2014 | 2013 | ||||
| Sales | % | % | % | |||
| Cost of goods sold | ||||||
| Gross profit | ||||||
| Selling expenses | ||||||
| Administrative expenses | ||||||
| Total expenses | ||||||
| Income before taxes | ||||||
| Income taxes | ||||||
| Net income | % | % | % |
Complete the below table to calculate the balance sheet data intrend percents with 2013 as the base year. (Round yourpercentage answers to 2 decimal places.)
| Korbin Company | ||||||
| Balance sheet data in trend percents | ||||||
| December 31, 2015, 2014, and 2013 | ||||||
| 2015 | 2014 | 2013 | ||||
| Assests | ||||||
| Current assets | % | % | 100.0 | % | ||
| Long-term investments | 100.0 | |||||
| Plant assets, net | 100.0 | |||||
| Total assets | 100.0 | |||||
| âLiabilities and Equity | ||||||
| Current liabilities | % | % | 100.0 | % | ||
| Common stock | 100.0 | |||||
| Other paid-in capital | 100.0 | |||||
| Retained earnings | 100.0 | |||||
| Total liabilities and equity | % | % | 100.0 | % |
**PLEASE FILL OUT THE GRAPH DISPLAYED**
| KORBIN COMPANY | |||||||||
| Comparative Income Statements | |||||||||
| For Years Ended December 31, 2017, 2016, and 2015 | |||||||||
| 2017 | 2016 | 2015 | |||||||
| Sales | $ | 397,455 | $ | 304,483 | $ | 211,300 | |||
| Cost of goods sold | 239,268 | 192,738 | 135,232 | ||||||
| Gross profit | 158,187 | 111,745 | 76,068 | ||||||
| Selling expenses | 56,439 | 42,019 | 27,892 | ||||||
| Administrative expenses | 35,771 | 26,795 | 17,538 | ||||||
| Total expenses | 92,210 | 68,814 | 45,430 | ||||||
| Income before taxes | 65,977 | 42,931 | 30,638 | ||||||
| Income taxes | 12,272 | 8,801 | 6,220 | ||||||
| Net income | $ | 53,705 | $ | 34,130 | $ | 24,418 | |||
| KORBIN COMPANY | |||||||||
| Comparative Balance Sheets | |||||||||
| December 31, 2017, 2016, and 2015 | |||||||||
| 2017 | 2016 | 2015 | |||||||
| Assets | |||||||||
| Current assets | $ | 53,412 | $ | 41,789 | $ | 55,862 | |||
| Long-term investments | 0 | 1,000 | 4,480 | ||||||
| Plant assets, net | 99,195 | 105,398 | 62,431 | ||||||
| Total assets | $ | 152,607 | $ | 148,187 | $ | 122,773 | |||
| Liabilities andEquity | |||||||||
| Current liabilities | $ | 22,281 | $ | 22,080 | $ | 21,485 | |||
| Common stock | 69,000 | 69,000 | 51,000 | ||||||
| Other paid-in capital | 8,625 | 8,625 | 5,667 | ||||||
| Retained earnings | 52,701 | 48,482 | 44,621 | ||||||
| Total liabilities andequity | $ | 152,607 | $ | 148,187 | $ | 122,773 | |||
|
2. Complete the below table to calculate incomestatement data in common-size percents. 3. Complete the below table to calculate thebalance sheet data in trend percents with 2015 as the baseyear. | |||||||||
| KORBIN COMPANY | ||||||||||||
| Comparative Income Statements | ||||||||||||
| For Years Ended December 31, 2014, 2013, and 2012 | ||||||||||||
| 2014 | 2013 | 2012 | ||||||||||
| Sales | $ | 484,358 | $ | 371,058 | $ | 257,500 | ||||||
| Costof goods sold | 291,584 | 232,282 | 164,800 | |||||||||
| Gross profit | 192,774 | 138,776 | 92,700 | |||||||||
| Selling expenses | 68,779 | 51,206 | 33,990 | |||||||||
| Administrative expenses | 43,592 | 32,653 | 21,373 | |||||||||
| Total expenses | 112,371 | 83,859 | 55,363 | |||||||||
| Income before taxes | 80,403 | 54,917 | 37,337 | |||||||||
| Income taxes | 14,955 | 11,258 | 7,579 | |||||||||
| Netincome | $ | 65,448 | $ | 43,659 | $ | 29,758 | ||||||
| KORBIN COMPANY | |||||||||||||||||
| Comparative Balance Sheets | |||||||||||||||||
| December 31, 2014, 2013, and 2012 | |||||||||||||||||
| 2014 | 2013 | 2012 | |||||||||||||||
| Assets | |||||||||||||||||
| Current assets | $ | 48,055 | $ | 37,597 | $ | 50,259 | |||||||||||
| Long-term investments | 0 | 600 | 3,870 | ||||||||||||||
| Plant assets, net | 89,246 | 95,127 | 56,330 | ||||||||||||||
| Total assets | $ | 137,301 | $ | 133,324 | $ | 110,459 | |||||||||||
| Liabilities and Equity | |||||||||||||||||
| Current liabilities | $ | 20,046 | $ | 19,865 | $ | 19,330 | |||||||||||
| Common stock | 66,000 | 66,000 | 48,000 | ||||||||||||||
| Other paid-in capital | 8,250 | 8,250 | 5,333 | ||||||||||||||
| Retained earnings | 43,005 | 39,209 | 37,796 | ||||||||||||||
| Total liabilities and equity | $ | 137,301 | $ | 133,324 | $ | 110,459 | |||||||||||
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