37. It does Problem 17-2A 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. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $524,423 $401, 751 $278, 800 Cost of goods sold 315, 783 254, 710 178, 432 Gross profit 2087720 147, 041 100, 368 Selling expenses 74,468 55, 442 36, 802 Administrative expenses 47, 198 35, 354 23, 140 Total expenses 121, 666 90,796 59942 Income before taxes 87,054 156) 245 40,426 Income tax expense 16, 192 11,530 8, 206 Net income $ 70,862 $ 44,715 $ 32) 220 KORBIN COMPANY Comparative Balance Sheets December 31, 2019 2018 and 2017 2019 2018 2017 Net income $ 70,862 $ 44,715 $ 32,220 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 63, 256 $ 42,338 $ 56, 596 Long-term investments 600 4,460 Plant assets, net 113, 933 104, 252 60, 891 Total assets $177,189 $147, 190 $121, 947 Liabilities and Equity Current liabilities $ 25,870 $ 21,931 $ 21, 341 Common stock 63,000 63,000 45,000 Other paid-in capital 7,875 7,875 5,000 Retained earnings 80, 444 54,384 50,606 Total liabilities and equity $177,189 $147, 190 $121, 947 oblem 17-2A Part 3 . Required Information Balance Sheet Data in Trend Percents December 31,2019, 2018 and 2017 2019 2018 2017 Assets Current assets 96 % 100.00% 100.00 100.00 Long-term investments Plant assets, net Total assets Liabilities and Equity 96 96 100.00 % Current liabilities % 946 100,00 % Common stock 100.00 100,00 Other paid-in capital Retained earnings Total liabilities and equity 100.00 90 100.00 9