Homework answers / question archive / Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below

Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below

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Problem 13-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 Sales $ 537,214 $ 411,550 Cost of goods sold 323,403 258,865 2013 $285,600 182,784 Gross profit Selling expenses Administrative expenses 213,811 76,284 48,349 152,685 56,794 36,216 102,816 37,699 23,705 Total expenses 124,633 93,010 61,404 Income before taxes Income taxes 89,178 16,587 59,675 12,233 41,412 8,407 Net income $ 72,591 $ 47,442 $ 33,005 KORBIN COMPANY Comparative Balance Sheets December 31, 2015, 2014, and 2013 2015 2014 2013 Assets Current assets Long-term investments Plant assets, net $ 52,859 0 96,670 $ 41,355 400 103,443 $ 55,282 4,970 60,045 Total assets $ 149,529 $ 145,198 $ 120,297 $ Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings 21,831 69,000 8,625 50,073 $ 21,635 69,000 8,625 45,938 $ 21,052 51,000 5,667 42,578 Total liabilities and equity $ 149,529 $ 145,198 $ 120,297
Problem 13-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2015, 2014, and 2013 2015 2014 2013 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income taxes Net income % % %
Problem 13-2A Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2013 as the base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2015, 2014, and 2013 2015 2014 2013 Assets Current assets % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % 100.00 % Common stock 100.00 100.00 Other paid-in capital Retained earnings 100.00 Total liabilities and equity % 100.00 %