## Answers

2 | |||

KORBIN COMPANY | |||

Common-Size Comparative Income Statements | |||

For Years Ended December 31, 2015, 2014, and 2013 | |||

2015 | 2014 | 2013 | |

Sales | 100.00% | 100.00% | 100.00% |

Cost of goods sold | 60.20% | 62.70% | 64.00% |

Gross profit | 39.80% | 37.30% | 36.00% |

Selling expenses | 14.20% | 13.80% | 13.20% |

Administrative expenses | 9.00% | 8.80% | 8.30% |

Total expenses | 23.20% | 22.60% | 21.50% |

Income before taxes | 16.60% | 14.70% | 14.50% |

Income taxes | 3.09% | 3.01% | 2.94% |

Net income | 13.51% | 11.69% | 11.56% |

3 | |||

KORBIN COMPANY | |||

Balance Sheet Data in Trend Percents | |||

December 31, 2015, 2014, 2013 | |||

2015 | 2014 | 2013 | |

Assets | |||

Current assets | 95.62% | 74.81% | 100.00% |

Long-term investments | 0.00% | 24.28% | 100.00% |

Plant assets, net | 161.52% | 171.41% | 100.00% |

Total assets | 124.30% | 120.70% | 100.00% |

Liabilities and Equity | |||

Current liabilities | 103.70% | 102.77% | 100.00% |

Common stock | 138.30% | 138.30% | 100.00% |

Other paid-in capital | 155.59% | 155.59% | 100.00% |

Retained earnings | 111.63% | 101.22% | 100.00% |

Total liabilities and equity | 124.30% | 120.70% | 100.00% |

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