KORBIN COMPANY

Comparative Income Statements

For Years Ended December $31$

$202120202019$

Sales $ $501,098$ $ $383,882$ $ $266,400$

Cost of goods sold $301,661243,765170,496$

Gross profit $199,437140,11795,904$

Selling expenses $71,15652,97635,165$

Administrative expenses $45,09933,78222,111$

Total expenses $116,25586,75857,276$

Income before taxes $83,18253,35938,628$

Income tax expense $15,47210,9397,841$

Net income $ $67,710$ $ $42,420$ $ $30,787$

KORBIN COMPANY

Comparative Balance Sheets

December $31$

$202120202019$

Assets

Current assets $ $55,862$ $ $37,389$ $ $49,980$

Long$-$term investments $01,1004,040$

Plant assets, net $102,16392,78254,738$

Total assets $ $158,025$ $ $131,271$ $ $108,758$

Liabilities and Equity

Current liabilities $ $23,072$ $ $19,559$ $ $19,033$

Common stock $67,00067,00049,000$

Other paid$-$in capital $8,3758,3755,444$

Retained earnings $59,57836,33735,281$

Total liabilities and equity $ $158,025$ $ $131,271$ $ $108,758$

$2.$ Complete the below table to calculate income statement data in common$-$size percents.Answer is complete but not entirely correct.