Required information [The following information applies to the questions display

Question

Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 2016 Sales Cost of goods sold Gross profit selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income s 512,949 $ 392,961 308,795 249,530 204,154 143,431 72,839 54,229 34,581 88,810 54,621 15,838 11,197 69,312 43,424 2015 272,700 174,528 98,172 35,996 22,634 58,630 39,542 8,027 31,515 46,165 119,004 85,150 KORB IN COMPANY Comparative Balance sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets $52,363 40,968 54,764 3,070 102,169 61,335 $ 148,127 143,837 119,169 700 95, 764 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $21,627 21,432 20,855 64,000 64,000 46,000e 5,111 54,50050,405 47,203 5 148,127 $ 143,837 S 119,169 8,000 8,006 2. Complete the below table to calculate income statement data in common-size percents. (Round decimal places.) size percents. (Round your percentage answers to 2 2 3 of 4lNext >

Explanation / Answer

2. Here the base for each year is that year's sale and on that basis the percentages for each year is computed.

3. Here the base is 2015 figures and on the basis growth/de-growth for 2016 and 2017 are computed.

2017 % 2016 % 2015 % Sales 100.00 100.00 100.00 Cost of goods sold 60.20 63.50 64.00 Gross profit 39.80 36.50 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 13.90 14.50 Income taxes 3.09 2.85 2.94 Net Income 13.51 % 11.05 % 11.56 %

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