B 32 Sales Cost of goods sold $ 434,511 261,576 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 332,871 208,710 2019 $ 231,000 147,840 Gross profit 172,935 124,161 83,160 Selling expenses 61,701 45,936 30,492 Administrative expenses 39,106 29,293 19,173 Total expenses 100,807 75,229 49,665 Income before taxes 72,128 48,932 33,495 Income tax expense 13,416 10,031 6,799 Net income $58,712 $ 38,901 $ 26,696 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments 0 Plant assets, net 103,914 Total assets $ 159,868 $ 132,801 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 159,868 $ 132,801 2021 $ 55,954 $ 23,341 66,000 8,250 62,277 2020 $ 37,450 800 94,551 $ 19,787 66,000 8,250 38,764 2019 $ 50,062 3,990 55,974 $ 110,026 $ 19,255 48,000 5,333 37,438 $ 110,026