Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3

Required information Problem 17-2A (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 KORDIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales 5 482,477 5.369,617 Cost of goods sold 290,451 231,250 Gross profit 192,026 137,867 Selling expenses 68,512 51,007 Administrative expenses 43,423 32,526 Total expenses 111,935 83,533 Income before taxes 80,091 54,334 Income tax expense 14,897 11, 138 Net income $ 65,194 5.43, 196 2019 $ 256,500 164, 160 92,340 33,858 21.290 55,148 37,192 7,550 5 29,642 2020 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 Assets Current assets $ 63,461 Long-term investments Plant assets, net 114,300 Total assets $ 177,761 Liabilities and Equity Current liabilities $ 25,953 Common stock 64,000 Other paid-in capital 8,000 Retained earnings 79,808 Total liabilities and equity $ 177,761 $ 42,475 500 104.691 $ 147,666 $ 56,778 4,390 61,173 $ 122,341 $ 22,002 64,000 8,000 53,664 $ 147,666 $ 21, 410 46,000 5,111 49,820 $ 122,341 Required information Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage answers to 2 decimal places.) 2019 % KORBIN COMPANY Common Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income