2 $249,906 225 426 29 KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $470,062 $360, 106 Part 2 of 3 Cost of goods sold 282,977 159,936 Gross profit 187,085 134,680 89,964 Selling expenses 66,749 49,695 32,987 Administrative expenses 42,306 31,689 20,742 25 Total expenses 189,055 81,384 53,729 Doints Income before taxes 78,030 53,296 36, 235 Income tax expense 14,514 10,926 7,356 Net income $ 63,516 S 42,370 $ 28,879 cBook Print References KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 58,204 $ 38,956 $ 52,075 Long-term investments 9 700 4,630 Plant assets, net 111,486 101,305 60,081 Total assets $ 169,690 $140,961 $116,786 Liabilities and Equity Current liabilities $ 24,775 $ 21,003 $ 21,003 $ 20,438 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 63,915 38,958 36,348 Total liabilities and equity $ 169,690 $140,961 $140,961 $116,786 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % of 3 Required information [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. ok KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $470,062 $360,106 $249,900 Cost of goods sold 282,977 225,426 159,936 Gross profit 187,085 134,680 89,964 Selling expenses 66,749 49,695 32,987 Administrative expenses 42,306 31,689 20,742 Total expenses 109,055 81,384 53,729 Income before 78,030 taxes 53,296 36, 235 Income tax expense 14,514 10,926 7,356 Net income 63,516 42,370 28,879 ince KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 58,204 $ 38,956 $ 52,075 Long-term investments 0 700 4,630 Plant assets, net 111, 486 101, 305 60,081 Total assets $169,690 $140,961 $116,786 Liabilities and Equity Current liabilities $ 24,775 $ 21,003 $ 20,438 Common stock 72,000 72,000 54,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 63,915 38,958 36, 348 Total liabilities and equity $169,690 $140,961 $116,786 3. Complete the below table to calculate the balance sheet data percentage answers to 2 decimal places.) trend percents with 2017 as base year. (Round your 2017 % KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 Assets Current assets % Long-term investments Plant assets, net Total assets % Liabilities and Equity Current liabilities % Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 % 100.00 100.00 100.00 % % % 100.001% 100.00 100.00 100.00 100.00 %