2. Complete the below table to calculate income statement data in common-size percents. (Round your...
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2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Ince Statement For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 % % Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net Income 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 $ 406,672 $ 311,544 216, 200 Cost of goods sold 244,817 197,519 138, 368 Gross profit 161,855 114,025 77,832 Selling expenses 57,747 42,993 28,538 Administrative expenses 36,600 27,416 17,945 Total expenses 94,347 70,409 46,483 Income before taxes 67,508 43,616 31,349 Income tax expense 12,556 8,941 6,364 Net income $ 54,952 $ 34,675 $ 24,985
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