Selected comparative financial statements of Korbin Company follow Comparative I

Question

Selected comparative financial statements of Korbin Company follow Comparative Income Statements For Years Ended December 31, 2017, 2016, and 201s 2015 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income $ 441,659 338,347 234, 800 ,885150,272 84, 528 62,716 46,692 36,994 19,488 50,482 58,87534,846 6,911 s 59,678 $ 39,81 27,135 265,879 211 175,780 126,542 39,749 182,465 73,315 13,637 29,775 76,467 18,265 KORBIN COMPANY Comparative Salance Sheets December 31, 2817, 2816, and 2615 201 2816 815 Assets Current assets Long-ter investments Plant assets, net Total assets s S2,881 41,373 s ss, 3e5 3,298 64.183 s 152,614 $ 148,194 $ 122,279 99.733 1e5,921 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Tosal Iiabliisies and equsty 42:282 5 22,081 21.486 5e,eee 5, 555 45,731 s, 5ee 8,5e8

Explanation / Answer

Trend percentages 2017 2016 2015 Assets Current assets 95.62% 74.81% 100.00% long term investments 0.00% 27.36% 100.00% plant assets,net 155.39% 165.03% 100.00% total assets 124.30% 120.70% 100.00% liabilities and Equity Currentliabilities 103.70% 102.77% 100.00% common stock 136.00% 136.00% 100.00% other paid in capital 152.99% 152.99% 100.00% retained earnings 117.70% 108.47% 100.00% total liabilities & equity 124.30% 120.70% 100.00% trend percentage = 2016 item/2015 base 2017 /2015 base

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