Required Information Problem 17-2A Ratlos, common-slze statements, and trend per

Question

Required Information Problem 17-2A Ratlos, common-slze statements, and trend percents LO P1, P2, pa The following information applies to the questions displayed below] Selected comparative financial statements of Korbin Company follow Comparative Incone Statenents For Years Ended December 31, 2017, 2816, and 2815 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Incone before taxes Incone taxes s 588,811 $389,791 276,580 306,304 244,899173,120 97,380 72,25153,79135,786 22,452 58,158 39,222 15.71e 11.8267.962 S 68,753 $ 45,863 $31,268 282,587 145,782 34.382 88,993 57,689 45,793 118, 844O 84,463 Net incone KORBIN COMPANY Comparative Balance Sheets Decenber 31, 2817, 2016, and 2815 2817 2016 2815 Assets Current assets Long-term Investrents Plant assets, net Total assets s 58.178 s 39.258 s 52,479 3.458 57.148 1,00 90.377 5 149,55S s 136.484 113,877 Liabilities and Equity Current Habiliies Conmon stock Other paid-in capital Retäined earnings Total liabilities and equity s 28.521 s 2e,336 S 19,788 72,0e 72.88854,eee 9,880 6.862 9.088 39.834 3 149,555 $136,484 S 113.877

Explanation / Answer

Trend percentages 2017 2016 2015 Assets Current assets 95.62% 74.81% 100.00% long term investments 0.00% 28.99% 100.00% plant assets,net 158.15% 168.38% 100.00% total assets 124.30% 120.70% 100.00% liabilities and Equity Currentliabilities 103.70% 102.77% 100.00% common stock 133.33% 133.33% 100.00% other paid in capital 150.00% 150.00% 100.00% retained earnings 117.26% 105.56% 100.00% total liabilities & equity 124.30% 120.70% 100.00% trend percentage = 2016 item/2015 base 2017 /2015 base

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