Sales Cost of goods sold KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income $ 559,598 2020 $ 428,698 336,878 271,366 2019 $ 297,500 190,400 222,720 157,332 107,100 79,463 59,160 39,270 50,364 37,725 24,6931 129,827 96,885 63,963 92,893 60,447 43,137 17,278 12,392 8,757 $ 75,615 $ 48,055 $ 34,380 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments. Plant assets, net Current liabilities Total assets Liabilities and Equity Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 159,410 $ 132,421 2021 $ 55,236 0 104,174 2020 $ 36,969 600 94,852 $ 159,410 $ 132,421 $ 23,274 65,000 8,125 63,011 $ 19,731 65,000 8,125 39,565 2019 $ 49,419 3,090 57,202 $ 109,711 $19,199 47,000 5,222 38,290 $ 109,711