36 Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. Part 3 of 4 5 points Skipped KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales $ 531,759 $ 407,371 Cost of goods sold 320,119 257,051 Gross profit 211,640 150,320 Selling expenses 75,510 56,217 Administrative expenses 47,858 35,849 Total expenses 123,368 92,066 Income before taxes 88,272 58,254 Income tax expense 16,419 11,942 Net income $ 71,853 $ 46,312 2019 $ 282,700 180,928 101,772 37,316 23,464 60,780 40,992 8,321 $ 32,671 eBook Print References 2020 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 Assets Current assets $ 54,397 Long-term investments 0 Plant assets, net 104, 196 Total assets $ 158,593 Liabilities and Equity Current liabilities $ 23,155 $ Common stock 64,000 Other paid-in capital 8,000 Retained earnings 63,438 Total liabilities and equity $ 158,593 $ 36,408 900 94,435 $ 131,743 $ 48,670 3,910 56,569 $ 109, 149 $ 19,630 64,000 8,000 40,113 $ 131,743 $ 19,101 46,000 5,111 38,937 $ 109, 149 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 % % 100.00 % 100.00 100.00 % % 100.00 % 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 % 100.00 100.00 100.00 100.00 % % %