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 Sales Cost of goods sold $ 470,250 283,091 $ 360,250 226,597 2019 $ 250,000 160,000 Gross profit 187,159 133,653 90,000 Selling expenses 66,776 49,715 33,000 Administrative expenses 42,323 31,702 20,750 Total expenses 109,099 81,417 53,750 Income before taxes 78,060 52,236 36,250 Income tax expense) Net income 14,519 10,708 7,359 $ 63,541 $ 41,528 $ 28,891 KORBIN COMPANY Comparative Balance Sheets December 31 2021 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock $ 62,850 0 113,200 $ 176,050 Other paid-in capital: Retained earnings $ 25,703 71,000 8,875 70,472 Total liabilities and equity $176,050 2020 $ 42,066 1,200 102,978 $146,244 $ 21,790 71,000 8,875 44,579 $146,244 2019 $ 56,232 3,710 61,221 $ 121,163 $ 21,204 53,000 5,889 41,070 $121,163