Required Information Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The...

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Required Information Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.)] 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 $ 385,981 232,361 2020 $ 295,693 184,808 $ 205,200 131,328 Gross profit 153,620 110,885 73,872 Selling expenses 54,809 40,806 27,086 Administrative expenses 34,738 26,021 17,032 Total expenses 89,547 66,827 44,118 Income before taxes 64,073 44,058 29,754 Income tax expense 11,918 9,032 6,040 Net income $ 52,155 $ 35,026 $ 23,714 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 59,973 Long-term investments Plant assets, not 108,019 $ 40,140 800 98,610 Total assets $ 167,992 $ 139,550 $ 53,658 4.150 57,809 $ 115,617 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 24,527 72,000 9,000 62,465 $ 20,793 72,000 9,000 37,757 $ 20,233 54,000 6,000 35,384 Total liabilities and equity $ 167,992 $ 139,550 $ 115,617 Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales Cast of goods sold 60.31 Gross profit (60.31) (44.10) Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Nel income 2019 %100.00% Required Information Problem 17-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.)] 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 $ 385,981 232,361 2020 $ 295,693 184,808 $ 205,200 131,328 Gross profit 153,620 110,885 73,872 Selling expenses 54,809 40,806 27,086 Administrative expenses 34,738 26,021 17,032 Total expenses 89,547 66,827 44,118 Income before taxes 64,073 44,058 29,754 Income tax expense 11,918 9,032 6,040 Net income $ 52,155 $ 35,026 $ 23,714 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 59,973 Long-term investments Plant assets, not 108,019 $ 40,140 800 98,610 Total assets $ 167,992 $ 139,550 $ 53,658 4.150 57,809 $ 115,617 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 24,527 72,000 9,000 62,465 $ 20,793 72,000 9,000 37,757 $ 20,233 54,000 6,000 35,384 Total liabilities and equity $ 167,992 $ 139,550 $ 115,617 Problem 17-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales Cast of goods sold 60.31 Gross profit (60.31) (44.10) Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Nel income 2019 %100.00%