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, 2020, 2019, and 2018 Sales 2020 $ 381,091 Cost of goods sold 229,417 2019 $ 291,947 185,094 2018 $ 202,600 129,664 Gross profit 151,674 106,853 72,936 Selling expenses 54,115 40,289 26,743 Administrative expenses 34,298 25,691 16,816 Total expenses 88,413 65,980 43,559 Income before taxes 63,261 40,873 29,377 Income tax expense 11,767 8,379 5,964 Net income $ 51,494 $ 32,494 $ 23,413 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 Assets Long-term investments Total assets Current liabilities Current assets Plant assets, net Liabilities and Equity Common stock $ 55,155 105,647 $ 160,802 $ 133,577 Other paid-in capital Retained earnings $ 23,477 65,000 8,125 64,200 $ 19,903 65,000 Total liabilities and equity $ 160,802 $ 133,577 $ 36,915 500 96,162 8,125 40,549 2018 $ 49,347 3,430 57,892 $ 110,669 $ 19,367 47,000 5,222 39,080 $ 110,669