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elected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 453,885 $
elected comparative financial statements of Korbin Company follow.
KORBIN COMPANY | |||
Comparative Income Statements | |||
For Years Ended December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Sales | $ 453,885 | $ 347,713 | $ 241,300 |
Cost of goods sold | 273,239 | 218,364 | 154,432 |
Gross profit | 180,646 | 129,349 | 86,868 |
Selling expenses | 64,452 | 47,984 | 31,852 |
Administrative expenses | 40,850 | 30,599 | 20,028 |
Total expenses | 105,302 | 78,583 | 51,880 |
Income before taxes | 75,344 | 50,766 | 34,988 |
Income tax expense | 14,014 | 10,407 | 7,103 |
Net income | $ 61,330 | $ 40,359 | $ 27,885 |
KORBIN COMPANY | |||
Comparative Balance Sheets | |||
December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Assets | |||
Current assets | $ 61,405 | $ 41,099 | $ 54,939 |
Long-term investments | 0 | 400 | 3,220 |
Plant assets, net | 110,598 | 101,383 | 60,219 |
Total assets | $ 172,003 | $ 142,882 | $ 118,378 |
Liabilities and Equity | |||
Current liabilities | $ 25,112 | $ 21,289 | $ 20,716 |
Common stock | 72,000 | 72,000 | 54,000 |
Other paid-in capital | 9,000 | 9,000 | 6,000 |
Retained earnings | 65,891 | 40,593 | 37,662 |
Total liabilities and equity | $ 172,003 | $ 142,882 | $ 118,378 |
2. Complete the below table to calculate income statement data in common-size percents
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