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Financial Statement Analysis Project 6 Saved 1 Part 1 of 2 Required information [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. 12 points Skipped eBook KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $379, 398 $290,650 $201,700 Cost of goods sold 228, 398 183, 110 129,088 Gross profit 151,000 107,540 72,612 Selling expenses 53,875 40, 110 26,624 Administrative 34,146 25,577 expenses 16,741 Total expenses 88,021 65,687 43,365 Income before 62,979 41,854 29,247 taxes Income tax expense 11,714 8,580 5,937 Net income $ 51,265 $ 33, 274 $ 23, 310 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 62,758 $ 42,004 $ 56,150 Long-term investments 1,200 3,030 Plant assets, net 116,552 105,748 64,227 Total assets $179,310 $148,952 $123, 407 Liabilities and Equity Current liabilities $ 26,179 $ 22,194 $ 21,596 Common stock 65,000 65,000 47,000 Other paid-in capital 8, 125 8,125 5,222 Retained earnings 80,006 53,633 49,589 Total liabilities and $179,310 $148,952 $123, 407 equity 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 Income Statements 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 % %

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