Q. 19 Korbin Company

Required information [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 2019 Sales $ 428, 868 $ 328, 548 $ 228, 000 Cost of goods sold 258, 179 206, 328 145,920 Gross profit 170, 689 122, 220 82, 080 Selling expenses 60, 899 45, 340 30, 096 Administrative expenses 38, 598 28, 912 18,924 Total expenses 99, 497 74, 252 49, 020 Income before taxes 71, 192 47,968 33, 060 Income tax expense 13, 242 9 ,833 6, 711 Net income $ 57,950 $ 38, 135 $ 26, 349 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 59, 401 $ 39,757 $ 53, 146 Long-term investments 700 4,760 Plant assets, net 112, 030 101,950 60, 078 Total assets $ 171, 431 $ 142, 407 $ 117, 984 Liabilities and Equity Current liabilities $ 25, 029 $ 21, 219 $ 20, 647 Common stock 65,090 65,000 47, 090 Other paid-in capital 8, 125 8, 125 5,222 Retained earnings 73, 277 48, 063 45, 115 Total liabilities and equity $ 171, 431 $ 142, 407 $ 117, 984KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 Total assets % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Other paid-in capital 100.00 Retained earnings 100.00 Total liabilities and equity % 100.00 %