of 4 Required information Problem 13-2A (Static) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 2019 $555,000 $340,000 2018: $278,000 ok Cost of goods sold 283,500 212,500 153,900 Gross profit 271,500 127,500 124,100 Selling expenses 102,900 46,920 50,800 Administrative expenses 50,668 29,920 22,800 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income tax expense Net income 40,800 10,370 15,670 $ 77,132 $ 40,290 $ 34,830 nces KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 2018 $ 52,390 $ 37,924 $ 51,748 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock 100,000 500 96,000 3,950 60,000 $152,390 $134,424 $115,698 $22,800 $ 19,960 $ 20,300 72,000 72,000 60,000 Other paid-in capital 9,000 9,000 6,000 Retained earnings 48,590 33,464 29,398 Total liabilities and equity $152,390 $134,424 $115,698 Problem 13-2A (Static) Part 3