Required information [The following information applies to the questions display

Question

Required information [The following information applies to the questions displayed belowj 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 $ 534,956 409,820 256,957 152,863 56,555 36,064 92,619 284,400 182,016 102,384 37,541 23,605 61,146 41,238 8,371 $ 72,285 $ 47,894 32,867 322,044 212,912 75,964 48,146 124,11032:09 60,244 16,517 12858 88,802 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 $ 52,093 40,756 54,481 4,710 59,363 $147,363 $143,095 118,554 600 101,739 95,270 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 21,515 $21,32120,747 53,000 5,889 38,918 $147,363 $143,095 118,554 71,000 8,875 45,973 71,000 8,875 41,899 Total liabilities and equity

Explanation / Answer

KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2017, 2016, 2015 2017 2016 2015 Assets Current assets 95.62% 74.81% 100% Long-term investments 0.00% 12.74% 100% Plant assets, net 160.49% 171.38% 100% Total assets 124.30% 120.70% 100% Liabilities and Equity Current liabilities 103.70% 102.77% 100% Common stock 133.96% 133.96% 100% Other paid-in capital 150.70% 150.70% 100% Retained earnings 118.13% 107.66% 100% Total liabilities and equity 124.30% 120.70% 100%

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