Selected comparative financial statements of Korbin Company follow: ...

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Other questions asked by students

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2014, 2013, and 2012
		2014		2013		2012
Sales	$	436,392	$	334,312	$	232,000
Cost of goods sold		262,708		211,285		148,480

Gross profit		173,684		123,027		83,520
Selling expenses		61,968		46,135		30,624
Administrative expenses		39,275		29,419		19,256

Total expenses		101,243		75,554		49,880

Income before taxes		72,441		47,473		33,640
Income taxes		13,474		9,732		6,829

Net income	$	58,967	$	37,741	$	26,811

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2014, 2013, and 2012
		2014		2013		2012
Assets
Current assets	$	53,080	$	41,529	$	55,514
Long-term investments		0		900		4,450
Plant assets, net		100,109		106,323		63,277

Total assets	$	153,189	$	148,752	$	123,241

Liabilities and Equity
Current liabilities	$	22,366	$	22,164	$	21,567
Common stock		69,000		69,000		51,000
Other paid-in capital		8,625		8,625		5,667
Retained earnings		53,198		48,963		45,007

Total liabilities and equity	$	153,189	$	148,752	$	123,241

Required:
1.	Complete the below table to calculate each year's current ratio. (Round your answers to 1 decimal place.)

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

3.	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.)