Question
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 501,287 $
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY | |||
Comparative Income Statements | |||
For Years Ended December 31 | |||
| 2021 | 2020 | 2019 |
Sales | $ 501,287 | $ 384,027 | $ 266,500 |
Cost of goods sold | 301,775 | 243,857 | 170,560 |
Gross profit | 199,512 | 140,170 | 95,940 |
Selling expenses | 71,183 | 52,996 | 35,178 |
Administrative expenses | 45,116 | 33,794 | 22,120 |
Total expenses | 116,299 | 86,790 | 57,298 |
Income before taxes | 83,213 | 53,380 | 38,642 |
Income tax expense | 15,478 | 10,943 | 7,844 |
Net income | $ 67,735 | $ 42,437 | $ 30,798 |
KORBIN COMPANY | |||
Comparative Balance Sheets | |||
December 31 | |||
| 2021 | 2020 | 2019 |
Assets |
|
|
|
Current assets | $ 60,538 | $ 40,518 | $ 54,163 |
Long-term investments | 0 | 700 | 3,780 |
Plant assets, net | 114,174 | 103,914 | 62,299 |
Total assets | $ 174,712 | $ 145,132 | $ 120,242 |
Liabilities and Equity |
|
|
|
Current liabilities | $ 25,508 | $ 21,625 | $ 21,042 |
Common stock | 69,000 | 69,000 | 51,000 |
Other paid-in capital | 8,625 | 8,625 | 5,667 |
Retained earnings | 71,579 | 45,882 | 42,533 |
Total liabilities and equity | $ 174,712 | $ 145,132 | $ 120,242 |
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
ASAP PLEASW
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