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 S 471,943 361,547 $ 250,900 160,576 90,324 33,119 20,825 53,944 36,380 7,385 S 63,770 40,815 $ 28,995 284,110 187,833 67,016 42,475 109,491 78,342 14,572 228,498 133,049 49,893 31,816 81,709 51,340 10,525 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 $ 51,573 40,350 53,938 3,570 63,456 S 150,358 146,004 $ 120,964 1,000 104,654 98,785 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 21,952 64,000 8,000 56,406 S 150,358 21,755 $ 21,169 46,000 5,111 48,684 146,004 $ 120,964 64,000 8,000 52,249 Total liabilities and equity

Explanation / Answer

2) 2017 2016 2015 Sales 100% 100% 100% Cost of good sold 60.20% 63.20% 64.00% Gross profit 39.80% 36.80% 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% 14.20% 14.50% income taxes 3.09% 2.91% 2.94% Net income 13.51% 11.29% 11.56%

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