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Help Please! Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $

Help Please!

Selected comparative financial statements of Korbin Company follow.

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021 2020 2019
Sales $ 434,887 $ 333,159 $ 231,200
Cost of goods sold 261,802 208,891 147,968
Gross profit 173,085 124,268 83,232
Selling expenses 61,754 45,976 30,518
Administrative expenses 39,140 29,318 19,190
Total expenses 100,894 75,294 49,708
Income before taxes 72,191 48,974 33,524
Income tax expense 13,428 10,040 6,805
Net income $ 58,763 $ 38,934 $ 26,719

KORBIN COMPANY
Comparative Balance Sheets
December 31
2021 2020 2019
Assets
Current assets $ 60,768 $ 40,672 $ 54,369
Long-term investments 0 900 4,940
Plant assets, net 111,135 101,227 59,000
Total assets $ 171,903 $ 142,799 $ 118,309
Liabilities and Equity
Current liabilities $ 25,098 $ 21,277 $ 20,704
Common stock 72,000 72,000 54,000
Other paid-in capital 9,000 9,000 6,000
Retained earnings 65,805 40,522 37,605
Total liabilities and equity $ 171,903 $ 142,799 $ 118,309

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Required: 1. Complete the below table to calculate each year's current ratio. 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? Yes No (b) Did income as a percent of sales improve in the most recent year compared to the prior year? Yes No (c) Did plant assets grow over this period? Yes No

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