Required information

Skip to question

[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	$ 419,463	$ 321,343	$ 223,000
Cost of goods sold	252,517	202,125	142,720
Gross profit	166,946	119,218	80,280
Selling expenses	59,564	44,345	29,436
Administrative expenses	37,752	28,278	18,509
Total expenses	97,316	72,623	47,945
Income before taxes	69,630	46,595	32,335
Income tax expense	12,951	9,552	6,564
Net income	$ 56,679	$ 37,043	$ 25,771

KORBIN COMPANY
Comparative Balance Sheets
December 31
	2021	2020	2019
Assets
Current assets	$ 54,842	$ 36,706	$ 49,067
Long-term investments	0	500	3,720
Plant assets, net	103,432	94,271	56,142
Total assets	$ 158,274	$ 131,477	$ 108,929
Liabilities and Equity
Current liabilities	$ 23,108	$ 19,590	$ 19,063
Common stock	71,000	71,000	53,000
Other paid-in capital	8,875	8,875	5,889
Retained earnings	55,291	32,012	30,977
Total liabilities and equity	$ 158,274	$ 131,477	$ 108,929

rev: 09_08_2021_QC_CDR-376, 10_13_2021_QC_CDR-376

3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.)

Answer is complete but not entirely correct. KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019