KRBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Sales $ 394,258 $ 392,034 $ 299,600 Cost of goods sold 237, 343 189, 375 134, 144 Gross profit 156,915 112,659 75,456 Selling expenses 55,985 41,681 27,667 Administrative expenses 35,483 26,579 17,397 Total expenses 91,468 68,260 45,064 Income before taxes 65,447 44,399 30, 392 Income tax expense 12, 173 9, 102 6,170 Net income $ 53, 274 $ 35,297 $ 24, 222 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current assets $ 59,288 $ 39,682 $ 53,045 Long-term investments e 900 4,600 Plant assets, net 111.817 101 554 60. 115 Total assets 171,105 $ 142,136 $ 117,760 Liabilities and Equity Current liabilities 24,981 $ 21,178 $ 20,688 Common stock 66,000 66,080 48,000 Other paid in capital 8,25e 8,25e 5,333 Retained earnings 71,874 46,708 43,219 Total 11bilities and equity $ 171,105 $ 142,136 $ 117,760 2. Complete the below table to calculate Income statement data in common-size percents. (Ro decimal places.) 2018 100.00% KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 2019 Sales 100.00 % 100.00% Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 96 26 3. Complete the below table to calculate the balance sheet data in trend percents with 2018 as base year. (Rou answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2020, 2019 and 2018 2020 2019 2018 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets 96 100.00 % Liabilities and Equity Current liabilities + % 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity 96 100.00 96 111,817 5 171,105 191,554 $ 142,136 68, 115 $ 117,760 Plant assets, het Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 24,981 66,000 8,250 21,874 $ 171, 105 $ 21,178 66,000 8,250 46,798 $ 142,136 $ 29,608 48,00 5,333 43,819 $ 117,760 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 O No (b) Did Income as a percent of sales Improve in the most recent year compared to the prior year? Yes (c) Did plant assets grow over this period? Yes O No