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KORBIN COMPANY Comparative Income Statements For Years Ended December 31 202120202019...

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Accounting

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
202120202019
Sales $ 501,098 $ 383,882 $ 266,400
Cost of goods sold 301,661243,765170,496
Gross profit 199,437140,11795,904
Selling expenses 71,15652,97635,165
Administrative expenses 45,09933,78222,111
Total expenses 116,25586,75857,276
Income before taxes 83,18253,35938,628
Income tax expense 15,47210,9397,841
Net income $ 67,710 $ 42,420 $ 30,787
KORBIN COMPANY
Comparative Balance Sheets
December 31
202120202019
Assets
Current assets $ 55,862 $ 37,389 $ 49,980
Long-term investments 01,1004,040
Plant assets, net 102,16392,78254,738
Total assets $ 158,025 $ 131,271 $ 108,758
Liabilities and Equity
Current liabilities $ 23,072 $ 19,559 $ 19,033
Common stock 67,00067,00049,000
Other paid-in capital 8,3758,3755,444
Retained earnings 59,57836,33735,281
Total liabilities and equity $ 158,025 $ 131,271 $ 108,758
2. Complete the below table to calculate income statement data in common-size percents.Answer is complete but not entirely correct.
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