Question
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
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 $ 434,699 $ 333,015 $ 231,100 Cost of goods sold 261,689 210,465 147,904 Gross profit 173,010 122,550 83,196 Selling expenses 61,727 45,956 30,505 Administrative expenses 39,123 29,305 19,181 Total expenses 100,850 75,261 49,686 Income before taxes 72,160 47,289 33,510 Income tax expense 13,422 9,694 6,803 Net income $ 58,738 $ 37,595 $ 26,707 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 63,814 $ 42,711 $ 57,094 Long-term investments 0 1,100 3,390 Plant assets, net 116,707 106,147 63,756 Total assets $ 180,521 $ 149,958 $ 124,240 Liabilities and Equity Current liabilities $ 26,356 $ 22,344 $ 21,742 Common stock 65,000 65,000 47,000 Other paid-in capital 8,125 8,125 5,222 Retained earnings 81,040 54,489 50,276 Total liabilities and equity $ 180,521 $ 149,958 $ 124,240 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Round your percentage answers to 2 decimal places.)
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