Required 1 Complete the below table to calculate each years

Required:
1. Complete the below table to calculate each year\'s current ratio.

2. Complete the below table to calculate income statement data in common-size percents.

3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year.

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2017, 2016, and 2015
	2017	2016	2015
Sales	$	397,455		$	304,483		$	211,300
Cost of goods sold		239,268			192,738			135,232
Gross profit		158,187			111,745			76,068
Selling expenses		56,439			42,019			27,892
Administrative expenses		35,771			26,795			17,538
Total expenses		92,210			68,814			45,430
Income before taxes		65,977			42,931			30,638
Income taxes		12,272			8,801			6,220
Net income	$	53,705		$	34,130		$	24,418

Solution

ans 1 2017 2016 2014 Current Assets A 53412 41789 55862 Current Liabilities L 22281 22080 21485 Current Ratio A/B 2.40 1.89 2.60 if rounded to one decimal 2.4 1.9 2.6 ans 2 Common size Comparative Income Statements For Years Ended December 31, 2017, 2016, and 2015 2017 % 2016 % 2015 % Sales 397,455 100 304,483 100 211,300 100 Cost of goods sold 239,268 60.2 192,738 63.3 135,232 64.0 Gross profit 158,187 39.8 111,745 36.7 76,068 36.0 Selling expenses 56,439 14.2 42,019 13.8 27,892 13.2 Administrative expenses 35,771 9.0 26,795 8.8 17,538 8.3 Total expenses 92,210 23.2 68,814 22.6 45,430 21.5 Income before taxes 65,977 16.6 42,931 14.1 30,638 14.5 Income taxes 12,272 3.1 8,801 2.9 6,220 2.9 Net income 53,705 13.5 34,130 11.2 24,418 11.6 Cost of good sold is calculated as=239268/397455*100=60.2% . Base is sales ans 3 Trend Comparative Balance Sheets December 31, 2017, 2016, and 2015 2015 2016 Increase/(decraese) 2015 2017 Increase/(decraese) Assets I=Amt (2016-2015) % I/2015 base*100 I=Amt (2017-2015) % I/2015 base*100 Current assets 55,862 41,789 -14,073 -25.2 55,862 53,412 -2,450 -4.4 Long-term investments 4,480 1,000 -3,480 -77.7 4,480 0 -4,480 -100.0 Plant assets, net 62,431 105,398 42,967 68.8 62,431 99,195 36,764 58.9 Total assets 122,773 148,187 25,414 20.7 122,773 152,607 29,834 24.3 Liabilities and Equity Current liabilities 21,485 22,080 595 2.8 21,485 22,281 796 3.7 Common stock 51,000 69,000 18,000 35.3 51,000 69,000 18,000 35.3 Other paid-in capital 5,667 8,625 2,958 52.2 5,667 8,625 2,958 52.2 Retained earnings 44,621 48,482 3,861 8.7 44,621 52,701 8,080 18.1 Total liabilities and equity 122,773 148,187 25,414 20.7 122,773 152,607 29,834 24.3