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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 Sales $560,726 2020 $ 429,562
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 Sales $560,726 2020 $ 429,562 Cost of goods sold 337,557 269,335 Gross profit 223,169 160,227 2019 $ 298,100 190,784 107,316 Selling expenses 79,623 59,280 39,349 Administrative expenses 50,465 37,801 24,742 Total expenses 130,088 97,081 64,091 Income before taxes 93,081 63,146 43,225 Income tax expense 17,313 12,945 8,775 Net income $ 75,768 $ 50,201 $ 34,450 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 $ 59,947 0 Total liabilities and equity 111,330 $171,277 $ 25,006 2020 $ 40,123 1,000 101,156 $ 142,279 $ 21,200 63,000 2019 $ 53,634 3,430 60,814 $117,878 $ 20,629 45,000 63,000 7,875 75,396 7,875 50,204 5,000 47,249 $171,277 $142,279 $117,878 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.) 3 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 % % 100.00 % Long-term investments 100.00 Plant assets, net 100.00 ces Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock Other paid-in capital Retained earnings 100.00 100.00 100.00 Total liabilities and equity % % 100.00 %
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