Problem 17-2A 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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2019 $535,333 2018 $410,109 2017 $284,600 322,270 258,779 182,144 213,063 151,330 102,456 76,017 56,595 37,567 48,180 36,090 23,622 124,197 92,685 61,189 88,866 58,645 41,267 16,529 12,022 8,377 $ 72,337 $ 46,623 $ 32,890 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 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 $ 64,108 0 117,244 $181,352 $ 26,477 63,000 7,875 84,000 $181,352 $ 42,908 $ 57,357 800 4,630 62,825 $124,812 106,940 $150,648 $ 22,447 63,000 7,875 57,326 $150,648 $ 21,842 45,000 5,000 52,970 $124,812