Selected comparative financial statements of Korbin Company follow: KORBIN COMPA

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 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $440,718 337,626 234,300 149,952 84,348 30,928 19,447 76,30350,375 33,973 13,608_9,8986,897 27,076 265,312 213,042 124,584 46,592 29,711 175,406 62,582 39,665 102,247 73,159 48,281 $ 59,551 38,383 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 $ 54,196 42,402 56,681 3,930 99,117 105,57162,730 $153,313 $148,873 123,341 900 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 22,384 22,182 $ 21,585 45,000 5,000 55,81651,756 $153,313 $148,873 123,341 63,000 7,875 60,054 63,000 7,875 Total liabilities and equity

Explanation / Answer

2 2017 2016 2015 Sales 100.00% 100.00% 100.00% Cost of goods sold 60.20% 63.10% 64.00% Gross Profit 39.80% 36.90% 36.00% Selling expenses 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% 14.30% 14.50% Income taxes 3.09% 2.93% 2.94% Net income 13.51% 11.37% 11.56% 3 2017 2016 2015 Assets Current assets 95.62% 74.81% 100.00% Long-term investments 0.00% 22.90% 100.00% Plant assets, net 158.01% 168.29% 100.00% Total assets 124.30% 120.70% 100.00% Liabilities and equity Current liabilities 103.70% 102.77% 100.00% Common Stock 140.00% 140.00% 100.00% Other paid-in capital 157.50% 157.50% 100.00% Retained earnings 116.03% 107.84% 100.00% Total Liabilities and equity 124.30% 120.70% 100.00%

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