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	$	392,189		$	300,449		$	208,500
Cost of goods sold		236,098			189,884			133,440
Gross profit		156,091			110,565			75,060
Selling expenses		55,691			41,462			27,522
Administrative expenses		35,297			26,440			17,306
Total expenses		90,988			67,902			44,828
Income before taxes		65,103			42,663			30,232
Income taxes		12,109			8,746			6,137
Net income	$	52,994		$	33,917		$	24,095

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2017, 2016, and 2015
	2017			2016			2015
Assets
Current assets	$	53,162		$	41,593		$	55,599
Long-term investments		0			900			3,460
Plant assets, net		100,263			106,488			64,372
Total assets	$	153,425		$	148,981		$	123,431
Liabilities and Equity
Current liabilities	$	22,400		$	22,198		$	21,600
Common stock		71,000			71,000			53,000
Other paid-in capital		8,875			8,875			5,889
Retained earnings		51,150			46,908			42,942
Total liabilities and equity	$	153,425		$	148,981		$	123,431

3. Complete the below table to calculate the balance sheet data in trend percents with 2015 as the base year. (Round your percentage answers to 2 decimal places.)

Answer rating: 100% (QA)

To calculate the balance sheet data in trend percents with 2015 as the base year we need to e... View the full answer