Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years...

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Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 460,845 $ 353,045 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2019 $ 245,000 277,429 221,359 156,800 183,416 131,686 88,200 65,440 48,720 32,340 41,476 31,068 20,335 106,916 79,788 52,675 76,500 51,898 35,525 14,229 10,639 7,212 $ 62,271 $ 41,259 $ 28,313 KORBIN COMPANY Comparative Balance Sheets December 31 2021 Assets Current assets Long-term investments Plant assets, net $ 57,830 0 105,762 Current liabilities Total assets Liabilities and Equity Common stock $ 163,592 $ 135,895 Other paid-in capital Retained earnings $ 23,884 65,000 8,125 66,583 $ 20,248 65,000 Total liabilities and equity $ 163,592 8,125 42,522 40,664 $ 135,895 $ 112,589 2020 $ 38,706 1,200 95,989 2019 $ 51,740 4,840 56,009 $ 112,589 $ 19,703 47,000 5,222 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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 % 2020 2019 % % % % % Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 460,845 $ 353,045 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2019 $ 245,000 277,429 221,359 156,800 183,416 131,686 88,200 65,440 48,720 32,340 41,476 31,068 20,335 106,916 79,788 52,675 76,500 51,898 35,525 14,229 10,639 7,212 $ 62,271 $ 41,259 $ 28,313 KORBIN COMPANY Comparative Balance Sheets December 31 2021 Assets Current assets Long-term investments Plant assets, net $ 57,830 0 105,762 Current liabilities Total assets Liabilities and Equity Common stock $ 163,592 $ 135,895 Other paid-in capital Retained earnings $ 23,884 65,000 8,125 66,583 $ 20,248 65,000 Total liabilities and equity $ 163,592 8,125 42,522 40,664 $ 135,895 $ 112,589 2020 $ 38,706 1,200 95,989 2019 $ 51,740 4,840 56,009 $ 112,589 $ 19,703 47,000 5,222 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 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 % 2020 2019 % % % % %

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