Selected comparative financial statements of Korbin Company follow: Complete the

Question

Selected comparative financial statements of Korbin Company follow:

Complete the below table to calculate income statement data in common-size percents. (Round your answers to 2 decimal places.)

and Complete the below table to calculate the balance sheet data in trend percents with 2012 as the base year. (Round your answers to 2 decimal places.)

KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2014, 2013, and 2012 2014 2013 2012   Sales $ 527,621 $ 404,201 $ 280,500   Cost of goods sold 317,628 253,434 179,520   Gross profit 209,993 150,767 100,980   Selling expenses 74,922 55,780 37,026   Administrative expenses 47,486 35,570 23,282   Total expenses 122,408 91,350 60,308   Income before taxes 87,585 59,417 40,672   Income taxes 16,291 12,180 8,256   Net income $ 71,294 $ 47,237 $ 32,416

Explanation / Answer

KORBIN COMPANY Comparative Balance Sheets December 31, 2014, 2013, and 2012 2014 2013 2012 % % %   Sales 527,621 404,201 280,500 100% 100% 100%   Cost of goods sold 317,628 253,434 179,520 60.20 62.70 64.00   Gross profit 209,993 150,767 100,980 39.80 37.30 36.00   Selling expenses 74,922 55,780 37,026 14.20 13.80 13.20   Administrative expenses 47,486 35,570 23,282 9.00 8.80 8.30   Total expenses 122,408 91,350 60,308 23.20 22.60 21.50   Income before taxes 87,585 59,417 40,672 16.60 14.70 14.50   Income taxes 16,291 12,180 8,256 3.09 3.01 2.94   Net income 71,294 47,237 32,416 13.51 11.69 11.56 KORBIN COMPANY Comparative Balance Sheets December 31, 2014, 2013, and 2012 2012 2013 2014 2012 2013 2014   Assets   Current assets 53,886 40,311 51,524 -25.19% -4.38%   Long-term investments 3,180 800 0 -74.84% -100.00%   Plant assets, net 61,365 101,835 95,686 65.95% 55.93%   Total assets 118,431 142,946 147,210 20.70% 24.30%   Liabilities and Equity   Current liabilities 20,725 21,299 21,493 2.77% 3.71%   Common stock 53,000 71,000 71,000 33.96% 33.96%   Other paid-in capital 5,889 8,875 8,875 50.70% 50.70%   Retained earnings 38,817 41,772 45,842 7.61% 18.10%   Total liabilities and equity 118,431 142,946 147,210 20.70% 24.30%

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