Required information 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 2019 2018 2017 Sales $ 494,327 $ 378,695 $ 262,800 Cost of goods sold 297,585 238, 199168,192 Gross profit 196, 742 140,496 94,608 Selling expenses 70,194 52,260 34,690 Administrative expenses 44,489 33, 325 21,812 Total expenses 114,683 85,585 56,502 Income before taxes 82,059 54,911 38,106 Income tax expense 15,263 11,257 7,736 Net income $ 66,796 $ 43,654 $ 30,370 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 55,729 $ 37,299 Long-term investments 0 1,100 Plant assets, net 106,745 96,568 Total assets $ 162,474 $ 134,967 Liabilities and Equity Current liabilities $ 23,721 $ 20,110 Common stock 64,000 64,000 Other paid-in capital 8,000 8,000 $ 49,861 4,200 57,759 $ 111,820 $ 19,569 46,000 5,111 2017 Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 55,729 $ 37,299 Long-term investments 0 1,100 Plant assets, net 106,745 96,568 Total assets $ 162,474 $ 134,967 Liabilities and Equity Current liabilities $ 23,721 $ 20,110 Common stock 64,000 64,000 Other paid-in capital 8,000 8,000 Retained earnings 66,753 42,857 Total liabilities and equity $ 162,474 $ 134,967 $ 49,861 4,200 57,759 $ 111,820 $ 19,569 46,000 5,111 41,140 $ 111,820 Problem 17-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage ans to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00 % 100.00 % Cost of goods sold Gross profit Selling expenses Administrative expenses 2017 100.00% Retained earnings Total liabilities and equity 66,753 $ 162,474 42,857 $ 134,967 41,140 $ 111,820 Problem 17-2A Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage ans to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00% 100.00 % Cost of goods sold Gross profit Selling expenses Administrative expenses 2017 100.00% Total expenses Income before taxes Income tax expense Net income