Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 430,373 $ 329,701 2019 $ 228,800 Cost of goods sold 259,085 207,052 146,432 Gross profit 171,288 122,649 82,368 Selling expenses 61,113 45,499 30,202 Administrative expenses 38,734 29,014 18,990 Total expenses 99,847 74,513 49,192 Income before taxes 71,441 48,136 33,176 Income tax expense 13,288 9,868 6,735 Net income $ 58,153 $ 38,268 $ 26,441 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 57,616 0 107,002 $ 38,563 900 97,284 $ 51,549 3,990 57,756 Total liabilities and equity $164,618 $ 136,747 $ 113,295 $ 24,034 $ 20,375 $ 19,827 64,000 64,000 46,000 8,000 8,000 5,111 68,584 44,372 42,357 $ 164,618 $ 136,747 $ 113,295