KORBIN COMPANY Comparative Income Statements For cars Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 494,515 $ 378,839 $ 262,900 Cost of goods sold 297,698 236,774 168,256 Gross profit 196,817 142,065 94,644 Selling expenses 70,221 52,280 34,703 Administrative expenses 44,506 33, 338 21,821 Total expenses 114,727 85,618 56,524 Income before taxes 82,090 56,447 38,120 Income tax expense 15,269 11,572 7,738 Net income $ 66,821 $ 44,875 $ 30,382 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 60,043 Long-term investments Plant assets, net 109,810 Total assets $ 169,853 Liabilities and Equity Current liabilities $ 24,799 Common stock 64,000 Other paid in capital 8,000 Retained earnings 73,054 Total liabilities and equity 169,853 $ 40,187 1,200 99,709 $ 141,096 $ 53,720 4,290 58,888 $ 116,898 $ 21,023 64,800 8,000 48,073 $ 141, 296 $ 20,457 46,000 5,111 45,330 $ 116,898 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2017 % KORBIN COMPANY Common Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales % % Cost of goods sold Gross profil Selling expenses Administrative experts Total expenses Income before taxes Income tax expense Net Income 96 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019. 2018 and 2017 2019 2018 2017 100.00 Assets Current assets Long-term investments Plant assets.net Total assets Liabilities and Equity Current liabilities 100.00 100.00 100.00 % Common stock 100.00% 10000 100 00 10000 100005 Other paid.in capital Retained earnings Total liabilities and equity Observe the trends over the three years and the changes to the common-size percents you calculated in problems #1 & #2 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, le 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 BIUS 11! A 2