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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2019 Sales Cost of goods
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2020 $ 472,319 $ 361,835 $ 251,100 284,336 226,509 160,704 187,983 135,326 90,396 67,069 49,933 33,145 42,509 31,841 20,841 109,578 81,774 53,986 78,405 53,552 36,410 14,583 10,978 7,391 $ 63,822 $ 42,574 $ 29,019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets Long-term investments Plant assets, net 108,324 Total assets $ 166,652 $ 138,437 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 166,652 $ 138,437 $ 58,328 $ 24,331 68,000 8,500 65,821 $ 39,039 600 98,798 $ 20,627 68,000 8,500 41,310 $ 52,186 4,620 57,889 $ 114,695 $ 20,072 50,000 5,556 39,067 $ 114,695 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets Long-term investments % % 100.00 % 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock 100.00 Other paid-in capital Retained earnings 100.00 100.00 Total liabilities and equity % % 100.00%
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