| Selected comparative financial statements of Korbin Company follow: |
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.value:
20.00 points
| Required: |
| 1. |
Complete the below table to calculate each year's current ratio. (Round your answers to 1 decimal place.) |
|
|
referencesebook & resources
2.value:
20.00 points
| 2. |
Complete the below table to calculate income statement data in common-size percents. (Round your answers to 2 decimal places.)
|
|
|
referencesebook & resources
3.value:
20.00 points
| 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.)
|