Reference no: EM131610510

Selected comparative financial statements of Korbin Company follow

KORBIN COMPANY

Comparative Income Statements

For Years Ended December 31, 2016, 2015, and 2014 2016 2015 2014

Sales $518,216 $396,996 $275,500

Cost of goods sold 311,966 250,504 176,320

Gross profit 206,250 146,492 99,180

Selling expenses 73,587 54,785 36,366

Administrative expenses 46,639 34,936 22,867

Total expenses 120,226 89,721 59,233

Income before taxes 86,024 56,771 39,947

Income taxes 16,000 11,638 8,109

Net income $70,024 $45,133 $31,838

KORBIN COMPANY

Comparative Balance Sheets December 31, 2016, 2015, and 2014 2016 2015 2014

Assets Current assets $54,735 $42,823 $57,245

Long-term investments 0 1,000 3,010

Plant assets, net 100,102 106,529 64,312

Total assets $154,837 $150,352 $124,567

Liabilities and Equity Current liabilities $22,606 $22,402 $21,799

Common stock 69,000 69,000 51,000

Other paid-in capital 8,625 8,625 5,667

Retained earnings 54,606 50,325 46,101

Total liabilities and equity $154,837 $150,352 $124,567

Required:

1. Complete the below table to calculate each year's current ratio.

2. Complete the below table to calculate income statement data in common-size percents

3. Complete the below table to calculate the balance sheet data in trend percents with 2014 as the base year. (Round your percentage answers to 2 decimal places.)