Common-size Income Statement 2. Complete the below table to calculate income statement data in common-size percents. (RC decimal places.) 2017 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.001% 100.00% Cost of goods sold 60.20 63.40 Gross profit 39.80 36.60 Selling expenses 14.20 13.80 Administrative expenses 9.00 8.80 Total expenses 2320 22.60 Income before taxes 16.60 14.00 Income tax expense 3.09 2.87 Net income 13.51 % 11.13 % 100.00% 64.00 36.00 13.20 8.30 21.50 14.50 2.94 11.56% Common-size Income Statement 2. Complete the below table to calculate income statement data in common-size decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 100.00% 60.20 100.00% 100.00% 63.40 64.00 39.80 36.60 36.00 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes 14.20 13.80 13.20 9.00 8.80 22.60 23.20 8.30 21.50 16.60 14.00 14.50 Income tax expense 2.87 Net income 3.09 13.51% 2.94 11.56 % 11.13 % Korbin Company Horizontal and Vertical Analysis Observe the trends over the three years and the changes to the common-size percents you calculated in problems 11&12 for the Korbin Company. Comment on those changes with regard to the increase or decrease of the elements and their relation to how they affected other elements on the statements, i.e., gross profit, total assets, etc. Include the actual data you calculated from the problems to support your comments. (Your answer should approximate one-half page and encompass a few paragraphs on each statement type) Essay Toolbar navigation BI V S 11. A A