Problem 13-2A 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, 2019, 2018, and 2017 2019 2017 2018 Sales $241,600 154,624 86,976 31,891 20,053 51,944 $454,450 $348,146 220,725 127,421 48,044 30,637 78,681 273,579 180,871 64,532 40,901 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses 105,433 75,438 14,031 48,740 9,992 Income before taxes 35,032 7,111 Income tax expense $ 27,921 $61,407 $38,748 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets $36,670 1,100 92,264 $49,019 3,060 55,654 $ 54,788 Current assets 0 Long-term investments 101,748 Plant assets, net $107,733 $156,536 $130,034 Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 18,853 $ 22,854 $ 19,375 65,000 8,125 37,534 65,000 8,125 47,000 5,222 36,658 60,557 $156,536 $130,034 $107,733 Total liabilities and equity KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2017 2019 2018 Assets 100.00 % Current assets 100.00 Long-term investments 100.00 Plant assets, net 100.00 % Total assets % Liabilities and Equity 100.00 % Current liabilities 100.00 Common stock Other paid-in capital 100.00 100.00 Retained earnings 100.00 % Total liabilities and equity % 96 96