KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales $ 458,212 $ 351,028 $ 243,600 Cost of goods sold 275,844 222,201 155,994 Gross profit 182,368 128,827 87,696 Selling expenses 65,066 48,442 32,155 Administrative expenses 41,239 30,890 20,219 Total expenses 106,305 79,332 52,374 Income before taxes 76,063 49,495 35,322 Income tax expense 14,148 10,147 7,170 Net income $ 61,915 $ 39, 348 $ 28,152 2019 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 Assets Current assets $ 58,824 $ 39,371 Long-term investments 0 900 Plant assets, net 110,943 100,754 Total assets $ 169,767 $ 141,025 Liabilities and Equity Current liabilities $ 24,786 $ 21,013 Common stock 71,000 71,000 Other paid-in capital 8,875 8,875 Retained earnings 65, 106 40,137 Total liabilities and equity $ 169,767 $ 141,025 $ 52,630 4,930 59,279 $ 116,839 $ 20,447 53,000 5,889 37,503 $ 116,839 1. Complete the below table to calculate each year's current ratio. Current Ratio Denominator: Numerator es 11 Current ratio Current ratio olto 1 2021 1 2020 0 to 1 2019 1 T! o to 1 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) * Answer is complete but not entirely correct. KORBIN COMPANY Common Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales 100.00% 100.00% Cost of goods sold 60.20 63.10 Gross profit 39.80 36.90 Selling expenses 14.20 13.80 Administrative expenses 9.00 8.80 Total expenses 23.20 22.60 Income before taxes 16.60 14.30 Income tax expense 3.09 2.93 13.51 % 11.37 Net income 9 2019 100.00% 6400 36.00 13 20 8.30 21.50 14.50 2.94 11.56 96 Answer is not complete. KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets 74.81 % % 100.00 96 100.00 Long-term investments Plant assets, net Total assets 100.00 % % 100.00 96 Liabilities and Equity Current liabilities % 96 100.00 96 Common stock 100.00 100.00 Other paid-in capital Retained earnings Total liabilities and equity 100.00 100.00 96