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How do I work this problem ? KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales $ 414, 008 $ 317,

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KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales $ 414, 008 $ 317, 164 Cost of goods sold 249, 233 199, 179 Gross profit 164, 775 117,985 Selling expenses 58, 789 43, 769 Administrative expenses 37, 261 27, 910 Total expenses 96, 050 71, 679 Income before taxes 68, 725 46, 306 Income tax expense 12,783 9,493 Net income $ 55,942 $ 36, 813 2019 $ 220, 100 140, 864 79, 236 29,053 18, 268 47,321 31, 915 6,479 $ 25,436 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 53,515 $ 35, 818 Long-term investments 900 Plant assets, net 100,930 91,579 Total assets $ 154, 445 $ 128, 297 Liabilities and Equity Current liabilities $ 22,549 $ 19, 116 Common stock 69,000 69,000 $ 47,880 4,300 54, 114 $ 106,294 $ 18, 601 51,000 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 53, 515 $ 35, 818 $ 47,880 Long-term investments 0 900 4,300 Plant assets, net 100, 930 91,579 54, 114 Total assets $ 154,445 $ 128, 297 $ 106,294 Liabilities and Equity Current liabilities $ 22,549 $ 19, 116 $ 18, 601 Common stock 69,000 69,000 51,000 Other paid-in capital 8,625 8,625 5, 667 Retained earnings 54,271 31,556 31, 026 Total liabilities and equity $ 154, 445 $ 128, 297 $ 106,294 2. Complete the below table to calculate income statement data in common-size percents. (Round your percent decimal places.) 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % 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.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 % % 100.00 % Total assets Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Lothar naid in nonital 100 on % % 100.00 % 100.00 100.00 % % 100.00 % Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity % % 100.00 % 100.00 100.00 100.00 % % 100.00 %

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