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KORBIN COMPANY Comparative Income Statements For Years Ended December 31 begin{tabular}{lrrr} & multicolumn{2}{rr}{2021} & multicolumn{2}{r}{2020} & multicolumn{1}{r}{2019} Sales & $544,926 & $417,458 & $289,700
KORBIN COMPANY Comparative Income Statements For Years Ended December 31 \begin{tabular}{lrrr} & \multicolumn{2}{rr}{2021} & \multicolumn{2}{r}{2020} & \multicolumn{1}{r}{2019} \\ Sales & $544,926 & $417,458 & $289,700 \\ Cost of goods sold & 328,045 & 264,668 & 185,408 \\ \cline { 2 - 4 } Gross profit & 216,881 & 152,790 & 104,292 \\ Selling expenses & 77,379 & 57,609 & 38,240 \\ Administrative expenses & 49,043 & 36,736 & 24,045 \\ \cline { 2 - 4 } Total expenses & 126,422 & 94,345 & 62,285 \\ \cline { 2 - 4 } Income before taxes & 90,459 & 58,445 & 42,007 \\ Income tax expense & 16,825 & 11,981 & 8,527 \\ Net income & $73,634 & $46,464 & $33,480 \\ \hline \hline \end{tabular} KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets $55,973$37,463$50,079 Long-term investments 01,0004,460 Plant assets, net Total assets \begin{tabular}{rrrr} 107,213 & 97,095 & & 57,771 \\ \hline$163,186 & $135,558 & $112,310 \\ \hline \end{tabular} Liabilities and Equity Current liabilities Common stock other paid-in capital Retained earnings Total liabilities and equity 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 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.) 4. Refer to the results from parts 1,2 , and 3 . (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? Yes No (b) Did income as a percent of sales improve in the most recent year compared to the prior year? Yes No (c) Did plant assets grow over this period? Yes No
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