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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	$	438,273		$	335,753		$	233,000
Cost of goods sold		263,840			210,853			149,120
Gross profit		174,433			124,900			83,880
Selling expenses		62,235			46,334			30,756
Administrative expenses		39,445			29,546			19,339
Total expenses		101,680			75,880			50,095
Income before taxes		72,753			49,020			33,785
Income taxes		13,532			10,049			6,858
Net income	$	59,221		$	38,971		$	26,927

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2017, 2016, and 2015
	2017			2016			2015
Assets
Current assets	$	49,104		$	38,418		$	51,356
Long-term investments		0			600			4,890
Plant assets, net		89,804			95,867			55,506
Total assets	$	138,908		$	134,885		$	111,752
Liabilities and Equity
Current liabilities	$	20,281		$	20,098		$	19,557
Common stock		65,000			65,000			47,000
Other paid-in capital		8,125			8,125			5,222
Retained earnings		45,502			41,662			39,973
Total liabilities and equity	$	138,908		$	134,885		$	111,752

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

Answer 1

KORBIN COMPANY
Common-Size Comparative Income Statements
For Years Ended December 31, 2017, 2016, and 2015
	2017	2016	2015
Sales	100.00%	100.00%	100.00%
Cost of goods sold	60.20%	62.80%	64.00%
Gross profit	39.80%	37.20%	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%	14.60%	14.50%
Income taxes	3.09%	2.99%	2.94%
Net income	13.51%	11.61%	11.56%