KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 462,162 $ 354,054 $ 245,700 Cost of goods sold 278,222 223,408 157,248 Gross profit 183,940 130, 646 88,452 Selling expenses 65,627 48,859 32,432 Administrative expenses 41,595 31,157 20, 393 Total expenses 107,222 80,016 52,825 Income before taxes 76,718 50,630 35,627 Income tax expense 14,270 19, 379 7,232 Net income $ 62,448 $ 40, 251 $ 28, 395 2018 2017 $ 53,776 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2819 Assets Current assets $ 68,185 Long-term investments Plant assets, net 189,924 Total assets $ 170,029 Liabilities and Equity Current liabilities 24,824 Common stock 69,00 Other paid. in capital Retained earnings 67,580 otal liabilities and equity 5 178,029 $ 40, 229 See 180, 513 $ 141,242 58,563 $ 117,019 $21.245 $ 20,478 8.625 5.662 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 9% 96