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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	$	517,275		$	396,275		$	275,000
Cost of goods sold		311,400			250,050			176,000
Gross profit		205,875			146,225			99,000
Selling expenses		73,453			54,686			36,300
Administrative expenses		46,555			34,872			22,825
Total expenses		120,008			89,558			59,125
Income before taxes		85,867			56,667			39,875
Income taxes		15,971			11,617			8,095
Net income	$	69,896		$	45,050		$	31,780

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2017, 2016, and 2015
	2017			2016			2015
Assets
Current assets	$	46,908		$	36,700		$	49,059
Long-term investments		0			1,000			3,470
Plant assets, net		85,788			91,153			54,226
Total assets	$	132,696		$	128,853		$	106,755
Liabilities and Equity
Current liabilities	$	19,374		$	19,199		$	18,682
Common stock		70,000			70,000			52,000
Other paid-in capital		8,750			8,750			5,778
Retained earnings		34,572			30,904			30,295
Total liabilities and equity	$	132,696		$	128,853		$	106,755

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, 2017, 2016, and 2015
	2017		2016		2015
Sales		%		%		%
Cost of goods sold		-1		-1		-1
Gross profit
Selling expenses		-1		-1		-1
Administrative expenses		-1		-1		-1
Total expenses
Income before taxes		-1		-1	0.00	-1
Income taxes		-1		-1		-1
Net income		%		%		%

2 decimal places required.

Answer 1

2	Common-Size Comparative Income Statements
				2017	2016	2015
				$	%	$	%	$	%
	Sales			517275	100.00%	396275	100.00%	275000	100.00%
	Cost of goods sold			311400	60.20%	250050	63.10%	176000	64.00%
	Gross profit			205875	39.80%	146225	36.90%	99000	36.00%
	Selling expenses			73453	14.20%	54686	13.80%	36300	13.20%
	Administrative expenses			46555	9.00%	34872	8.80%	22825	8.30%
	Total expenses			120008	23.20%	89558	22.60%	59125	21.50%
	Income before taxes			85867	16.60%	56667	14.30%	39875	14.50%
	Income taxes			15971	3.09%	11617	2.93%	8095	2.94%
	Net income			69896	13.51%	45050	11.37%	31780	11.56%
	Express every item as a % of sales