Problem 13-2A (Algo) 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. KORBIN COMPANY Comparative Income Statements For Years Ended December 31) 2021 2020 $ 446,738 $ 342,238 2019 $ 237,500 152,000 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 268,936 215,268 177,802 126,970 85,500 63,437 47,229 31,350. 40,206 30,117 19,713 103,643 77,346 51,063 74,159 49,624 34,437 13,794 10,173 6,991 $ 60,365 $ 39,451 $ 27,446 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 2020 $ 63,335 0 $ 42,390 700 104,283 114,075 $177,410 $ 25,902 67,000 8,375 76,133 $177,410 $ 147,373 $ 21,959 67,000 8,375 50,039 $ 147,373 2019 $ 56,666 4,080 61,353 $122,099 $ 21,367 49,000 5,444 46,288 $122,099 Problem 13-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 % % 2020 2019 % % 1 200 % % 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places. Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 % % 100.00% 100.00 100.00 % % 100.00 % Common stock Other paid-in capital Retained earnings Total liabilities and equity % % 100.00% 100.00 100.00 100.00 100.00 %