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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 Total expenses Administrative expenses Income before taxes Income tax expense Net income $ 481,724 289,998 2020 $ 369,040 233,233 $ 256,100 163,904 191,726 135,807 92,196 68,405 50,928 33,805 43,355 32,476 21,256 111,760 83,404 55,061 79,966 52,403 37,135 14,874 10,743 7,538 $ 65,092 $ 41,660 $ 29,597 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 2020 2019 $ 56,542 0 $ 37,843 800 $ 50,588 4,300 106,637 $ 163,179 96,909 $ 135,552 $ 112,305 57,417 $ 23,824 63,000 $ 20,197 $ 19,653 63,000 45,000 7,875 68,480 7,875 5,000 44,480 42,652 $ 163,179 $ 135,552 $ 112,305 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: Round your percentage answers to 2 decimal places. Assets KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Current assets % % 100.00 % Long-term investments 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 100.00 Retained earnings 100.00 Total liabilities and equity % % 100.00 %
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