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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 $ 515,770 $ 395,122 $ 274,200 Cost of goods sold 310,494 250,507 175,488 Gross profit 205,276 144,615 98,712 Selling expenses 73,239 54,527 36,194 Administrative expenses 46,419 34,771 22,759 Total expenses 119,658 89,298 58,953 Income before taxes 85,618 55,317 39,759 Income taxes 15,925 11,340 8,071 Net income $ 69,693 $ 43,977 $ 31,688 Chapter 17 Assignment I 6 aved Help Save & Exit Check m Total assets $ 153,987 149,45123,819 Liabilities and Equity Current liabilities Conmon stock Other paid-in capital Retained earnings Total 1iabilities and equity $ 22,470 22,268 $ 21,668 53,000 5,889 43,262 153,97 149,45 123,819 71,888 8,875 51,562 8,875 47,387 Part 2 of 3 10 points 2. Complete the below table to calculate Income statement data In common-size percents. (Round your percentage answers to 2 decimal places.) eBook KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 Print 2017 2016 2015 100.001% 100.001% Sales Cost of goods sold Gross profit Seling expenses 100.00 % References Total expenses Income before taxes Income taxes Net income 96 96 96

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KORBIN COMPANY

Comparative Income Statements

For Years Ended December 31, 2017, 2016, and 2015

2017

2016

2015

Amount

Percentage [ANSWER]

Amount

Percentage [ANSWER]

Amount

Percentage [ANSWER]

Sales

515,770

100.00%

395,122

100.00%

274,200

100.00%

Cost of goods sold

310,494

60.20%

250,507

63.40%

175,488

64.00%

Gross profit

205,276

39.80%

144,615

36.60%

98,712

36.00%

Selling expenses

73,239

14.20%

54,527

13.80%

36,194

13.20%

Administrative expenses

46,419

9.00%

34,771

8.80%

22,759

8.30%

Total expenses

119,658

23.20%

89,298

22.60%

58,953

21.50%

Income before taxes

85,618

16.60%

55,317

14.00%

39,759

14.50%

Income taxes

15,925

3.09%

11,340

2.87%

8,071

2.94%

Net income

69,693

13.51%

43,977

11.13%

31,688

11.56%

KORBIN COMPANY

Comparative Balance Sheets

December 31, 2017, 2016, and 2015

2017

2016

2015

Assets

Amount

Increase (Decrease) over 2015

Percentage Increase (Decrease)

Amount

Increase (Decrease) over 2015

Percentage Increase (Decrease)

Current assets

$   53,867.00

$   (2,471.00)

-4.39%

$ 42,145.00

$ (14,193.00)

-25.19%

$ 56,338.00

Long-term investments

$              -  

$   (3,690.00)

-100.00%

$       500.00

$    (3,190.00)

-86.45%

$    3,690.00

Plant assets, net

$ 100,040.00

$   36,249.00

56.82%

$ 106,805.00

$    43,014.00

67.43%

$ 63,791.00

Total assets

$ 153,907.00

$   30,088.00

24.30%

$ 149,450.00

$    25,631.00

20.70%

$123,819.00

Liabilities and Equity

Current liabilities

$   22,470.00

$       802.00

3.70%

$ 22,268.00

$          600.00

2.77%

$ 21,668.00

Common stock

$   71,000.00

$   18,000.00

33.96%

$ 71,000.00

$    18,000.00

33.96%

$ 53,000.00

Other paid-in capital

$    8,875.00

$    2,986.00

50.70%

$    8,875.00

$      2,986.00

50.70%

$    5,889.00

Retained earnings

$   51,562.00

$    8,300.00

19.19%

$ 47,307.00

$      4,045.00

9.35%

$ 43,262.00

Total liabilities and equity

$ 153,907.00

$   30,088.00

24.30%

$ 149,450.00

$    25,631.00

20.70%

$123,819.00

KORBIN COMPANY

Comparative Income Statements

For Years Ended December 31, 2017, 2016, and 2015

2017

2016

2015

Amount

Percentage [ANSWER]

Amount

Percentage [ANSWER]

Amount

Percentage [ANSWER]

Sales

515,770

100.00%

395,122

100.00%

274,200

100.00%

Cost of goods sold

310,494

60.20%

250,507

63.40%

175,488

64.00%

Gross profit

205,276

39.80%

144,615

36.60%

98,712

36.00%

Selling expenses

73,239

14.20%

54,527

13.80%

36,194

13.20%

Administrative expenses

46,419

9.00%

34,771

8.80%

22,759

8.30%

Total expenses

119,658

23.20%

89,298

22.60%

58,953

21.50%

Income before taxes

85,618

16.60%

55,317

14.00%

39,759

14.50%

Income taxes

15,925

3.09%

11,340

2.87%

8,071

2.94%

Net income

69,693

13.51%

43,977

11.13%

31,688

11.56%

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