Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December
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Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY | |||
Comparative Income Statements | |||
For Years Ended December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Sales | $ 457,647 | $ 350,595 | $ 243,300 |
Cost of goods sold | 275,503 | 222,277 | 155,712 |
Gross profit | 182,144 | 128,318 | 87,588 |
Selling expenses | 64,986 | 48,382 | 32,116 |
Administrative expenses | 41,188 | 30,852 | 20,194 |
Total expenses | 106,174 | 79,234 | 52,310 |
Income before taxes | 75,970 | 49,084 | 35,278 |
Income tax expense | 14,130 | 10,062 | 7,161 |
Net income | $ 61,840 | $ 39,022 | $ 28,117 |
KORBIN COMPANY | |||
Comparative Balance Sheets | |||
December 31 | |||
2021 | 2020 | 2019 | |
---|---|---|---|
Assets | |||
Current assets | $ 62,567 | $ 41,876 | $ 55,979 |
Long-term investments | 0 | 600 | 4,430 |
Plant assets, net | 118,002 | 107,522 | 63,864 |
Total assets | $ 180,569 | $ 149,998 | $ 124,273 |
Liabilities and Equity | |||
Current liabilities | $ 26,363 | $ 22,350 | $ 21,748 |
Common stock | 70,000 | 70,000 | 52,000 |
Other paid-in capital | 8,750 | 8,750 | 5,778 |
Retained earnings | 75,456 | 48,898 | 44,747 |
Total liabilities and equity | $ 180,569 | $ 149,998 | $ 124,273 |
Calculate income statement data in common-size percent.
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