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 2019 $ 381,091 $ 291,947 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2018 $202,600 229,417 185,094 129,664 151,674 106,853 72,936 54,115 40,289 26,743 34,298 25,691 16,816 88,413 65,980 43,559 63,261 40,873 29,377 11,767 8,379 5,964 $ 51,494 $ 32,494 $ 23,413 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 2018 $ 53,493 $ 35,803 $ 47,861 0 99,345 800 90,359 4,960 52,367 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 $ 152,838 $126,962 $ 105,188 $ 22,314 $ 18,917 $ 18,408 63,000 63,000 45,000 7,875 7,875 5,000 59,649 37,170 36,780 $ 152,838 $ 126,962 $ 105,188