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KORBIN COMPANY Comparative Income Statements For Years Ended December 31 202120202019...

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Accounting

KORBIN COMPANY

Comparative Income Statements

For Years Ended December $31$

$2021 2020 2019$

Sales $ $501, 098$ $ $383, 882$ $ $266, 400$

Cost of goods sold $301, 661 243, 765 170, 496$

Gross profit $199, 437 140, 117 95, 904$

Selling expenses $71, 156 52, 976 35, 165$

Administrative expenses $45, 099 33, 782 22, 111$

Total expenses $116, 255 86, 758 57, 276$

Income before taxes $83, 182 53, 359 38, 628$

Income tax expense $15, 472 10, 939 7, 841$

Net income $ $67, 710$ $ $42, 420$ $ $30, 787$

KORBIN COMPANY

Comparative Balance Sheets

December $31$

$2021 2020 2019$

Assets

Current assets $ $55, 862$ $ $37, 389$ $ $49, 980$

Long $-$ term investments $0 1, 100 4, 040$

Plant assets, net $102, 163 92, 782 54, 738$

Total assets $ $158, 025$ $ $131, 271$ $ $108, 758$

Liabilities and Equity

Current liabilities $ $23, 072$ $ $19, 559$ $ $19, 033$

Common stock $67, 000 67, 000 49, 000$

Other paid $-$ in capital $8, 375 8, 375 5, 444$

Retained earnings $59, 578 36, 337 35, 281$

Total liabilities and equity $ $158, 025$ $ $131, 271$ $ $108, 758$

$2 .$ Complete the below table to calculate income statement data in common $-$ size percents.Answer is complete but not entirely correct.

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