KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales 2021 $ 382,031 2020 $ 292,667 2019 $ 203,100 Cost of goods sold 229,983 183,502 129,984 Gross profit 152,048 109,165 73,116 Selling expenses 54,248 40,388 26,809 Administrative expenses 34,383 25,755 16,857 Total expenses 88,631 66,143 43,666 Income before taxes 63,417 43,022 29,450 Income tax expense 11,796 8,819 5,978 Net income $ 51,621 $ 34,203 $ 23,472 Assets KORBIN COMPANY Comparative Balance Sheets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock December 31 2021 $ 61,481 2020 0 $ 41,149 1,000 103,770 114,178 $ 175,659 $ 145,919 2019 $ 55,007 3,250 62,637 $ 120,894 $ 25,646 72,000 $ 21,742 $ 21,156 72,000 54,000 9,000 9,000 6,000 43,177 39,738 Other paid-in capital Retained earnings 69,013 Total liabilities and equity $ 175,659 $ 145,919 $ 120,894