Selected comparative financial statements of Korbin Company follow.

Required
1. Compute each year's current ratio. (Round ratio amounts to one decimal.)
2. Express the income statement data in common-size percents. (Round percents to two decimals.)
3. Express the balance sheet data in trend percents with 2015 as the base year. (Round percents to two decimals.)
Analysis Component
4. Comment on any significant relations revealed by the ratios and percents computed.

Transcribed Image Text:

KORBIN COMPANY Comparatlve 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 $555,000 $340,000 $278,000 283,500 212,500 153,900 271,500 127,500 124,100 02,900 46,920 50,800 29,920 76,840 117,932 50,660 50,500 10,370 77,132 40,290 34,830 50,668 153,568 22,800 73,600 40,800 15.670 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 52,390 37,924 $ 51,748 500 3,950 60,000 $152,390 $134,424 $115,698 100,000 96,000 Liabilities and Equity Current liabilities. Common stock Other paid-in capital. Retained earnings Total liabilities and equity $ 22,800 $ 19,960 20,300 72,000 72,000 60,000 6,000 29,398 $152,390 $134,424 $115,698 9,000 9,000 48,590 33.4904r c0