Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY ...

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Accounting

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 $ 398,960 $ 305,636 $ 212,100
Cost of goods sold 240,174 191,634 135,744
Gross profit 158,786 114,002 76,356
Selling expenses 56,652 42,178 27,997
Administrative expenses 35,906 26,896 17,604
Total expenses 92,558 69,074 45,601
Income before taxes 66,228 44,928 30,755
Income tax expense 12,318 9,210 6,243
Net income $ 53,910 $ 35,718 $ 24,512

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
2019 2018 2017
Assets
Current assets $ 56,006 $ 37,485 $ 50,109
Long-term investments 0 900 3,080
Plant assets, net 104,011 94,541 56,940
Total assets $ 160,017 $ 132,926 $ 110,129
Liabilities and Equity
Current liabilities $ 23,362 $ 19,806 $ 19,273
Common stock 69,000 69,000 51,000
Other paid-in capital 8,625 8,625 5,667
Retained earnings 59,030 35,495 34,189
Total liabilities and equity $ 160,017 $ 132,926 $ 110,129

2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)

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