C Required information Problem 13-2A 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 $531,006 $ 406,794 $ 282,300 Cost of goods sold 319,666 255,873 180,672 Gross profit 211,340 150,921 101,628 Selling expenses 75, 403 56,138 37,264 Administrative expenses 47,791 35,798 23, 431 Total expenses 123,194 91,936 60,695 Income before taxes 88,146 58,985 40,933 Income tax expense 16,395 12,092 8,309 Net income $ 71, 751 $ 46,893 $ 32,624 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 56, 432 $ 37,770 Long-term investments 0 700 Plant assets, net 106,430 96,819 Total assets $ 162,862 $ 135,289 Liabilities and Equity Current liabilities $ 23,778 $ 20,158 Common stock 68,000 68,000 Other paid-in capital 8,500 8,500 Retained earnings 62,584 38,631 Total liabilities and equity $ 162, 862 $ 135,289 $ 50,490 4,120 57,477 $ 112,087 $ 19,615 50,000 5,556 36,916 $ 112,087 Problem 13-2A Part 4 4. Refer to the results from parts 1, 2and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year? Yes O No (b) Did income as a percent of sales improve in the most recent year? Yes O No (c) Did plant assets grow over this period? Yes No