! 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 $ 289,641 2019 Sales Cost of goods sold $ 378,081 227,605 $ 201,000 183,343 128,640 Gross profit 150,476 106,298 72,360 Selling expenses 53,688 39,970 26,532 Administrative expenses 34,027 25,488 16,683 Total expenses 87,715 65,458 43,215 Income before taxes 62,761 40,840 29,145 Income tax expense Net income 11,674 8,372 5,916 $ 51,087 $ 32,468 $ 23,229 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets Long-term investments 0 Plant assets, net Total assets $ 158,987 $ 132,070 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 158,987 $ 132,070 $ 56,758 102,229 $ 23,212 67,000 8,375 60,400 $ 37,989 1,100 92,981 $ 19,678 67,000 8,375 37,017 $ 50,782 3,050 55,588 $ 109,420 $ 19,149 49,000 5,444 35,827 $ 109,420 < Prev 1 of 12 Next >