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 2020 Sales $ 381,091 2019 $ 291,947 2018 $ 202,600 Cost of goods sold 229,417 185,094 129,664 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 Net income 11,767 8,379 5,964 $ 51,494 $ 32,494 $ 23,413 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 Assets Current assets Long-term investments 2020 $ 55,155 Plant assets, net 105,647 Total assets $ 160,802 $ 133,577 Liabilities and Equity Current liabilities Common stock 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 2019 $ 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