Selected comparative financial statements of Korbin Company follow

Selected comparative financial statements of Korbin Company follow

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2015, 2014, and 2013
			2015				2014				2013
Sales		$	526,116			$	403,048			$	279,700
Cost of goods sold			316,722				253,920				179,008
Gross profit			209,394				149,128				100,692
Selling expenses			74,708				55,621				36,920
Administrative expenses			47,350				35,468				23,215
Total expenses			122,058				91,089				60,135
Income before taxes			87,336				58,039				40,557
Income taxes			16,244				11,898				8,233
Net income		$	71,092			$	46,141			$	32,324

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2015, 2014, and 2013
			2015				2014				2013
Assets
Current assets		$	45,036			$	35,235			$	47,101
Long-term investments			0				1,000				3,090
Plant assets, net			86,263				91,262				55,440
Total assets		$	131,299			$	127,497			$	105,631
Liabilities and Equity
Current liabilities		$	19,170			$	18,997			$	18,485
Common stock			64,000				64,000				46,000
Other paid-in capital			8,000				8,000				5,111
Retained earnings			40,129				36,500				36,035
Total liabilities and equity		$	131,299			$	127,497			$	105,631

Required:
1.	Complete the below table to calculate each year's current ratio.

 

Explanation:

Current ratio	December 31, 2015:	$45,036 / $19,170	=	2.3 to 1
	December 31, 2014:	$35,235 / $18,997	=	1.9 to 1
	December 31, 2013:	$47,101 / $18,485	=	2.5 to 1

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