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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 6 Total liabilities and equity 153,97 149,45 123,819 Part 3 of 3 --3. Complete the below table to calculate the balance sheet data ln trend percents with 2015 as the base year. (Round your percentage answers to 2 declmel places.) 10 Answer is complete but not entirely correct. points KORBIN COMPANY Balance Sheet Data in Trend Percents December 31. 2017, 2016 and 2015 03:08:44 2017 2016 2015 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity (4.39)X (25.19) 1 % 100.00 100.00 100.00 100.00 (100.00) (86.45) 67.43 56.82 24.30 20.70 3.70 31% 33.96 50.70 19.19 24.30 2.77 33.96 50.70 9.35 20.70 % 100.00 100.00 100.00 100.00 100.00

Explanation / Answer

3 Balance sheet data in trand % 2017 2016 2015 Assets Current assets 95.29% 74.81% 100% Long-Term investments 0.00% 13.55% 100% Plant assets,net 156.82% 167.43% 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 119.19% 109.35% 100% Total liabilities and equity 124.30% 120.70% 100% Note: 2015 is the base year First consider current assets Express 2017 and 2016 as a % of 2015 figure. 2017 (53687/56338)*100 95.29 2016 (42145/56338)*100 74.81 Repeat the same process for other items too

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