Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of...

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Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years, Ended December 31 2021 2020 $ 384,891 2019 $ 267,100 $ 502,415 Cost of goods sold 302,454 244,406 170,944 Gross profit 199,961 140,485 96,156 Selling expenses 71,343 53,115 35,257 Administrative expenses 45,217 33,870 22,169 Total expenses 116,560 86,985 57,426 Income before taxes 83,401 53,500 38,730 Income tax expense 15,513 10,968 7,862 Net income $ 67,888 $ 42,532 $ 30,868 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 57,542 0 $ 38,513 500 97,558 $ 51,483 3,140 58,526 Total liabilities and equity 106,863 $ 164,405 $ 136,571 $ 113,149 $ 24,003 71,000 $ 20,349 71,000 $ 19,801 53,000 8,875 8,875 60,527 36,347 5,889 34,459 $ 164,405 $ 136,571 $113,149 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? Yes No (b) Did income as a percent of sales improve in the most recent year compared to the prior year? Yes No (c) Did plant assets grow over this period? Yes No Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years, Ended December 31 2021 2020 $ 384,891 2019 $ 267,100 $ 502,415 Cost of goods sold 302,454 244,406 170,944 Gross profit 199,961 140,485 96,156 Selling expenses 71,343 53,115 35,257 Administrative expenses 45,217 33,870 22,169 Total expenses 116,560 86,985 57,426 Income before taxes 83,401 53,500 38,730 Income tax expense 15,513 10,968 7,862 Net income $ 67,888 $ 42,532 $ 30,868 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 2020 2019 $ 57,542 0 $ 38,513 500 97,558 $ 51,483 3,140 58,526 Total liabilities and equity 106,863 $ 164,405 $ 136,571 $ 113,149 $ 24,003 71,000 $ 20,349 71,000 $ 19,801 53,000 8,875 8,875 60,527 36,347 5,889 34,459 $ 164,405 $ 136,571 $113,149 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? Yes No (b) Did income as a percent of sales improve in the most recent year compared to the prior year? Yes No (c) Did plant assets grow over this period? Yes No