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Selected comparative financial statements of Korbin Company follow.
| KORBIN COMPANY |
| Comparative Income Statements |
| For Years Ended December 31, 2019, 2018, and 2017 |
| | 2019 | 2018 | 2017 |
| Sales | $ | 398,960 | | $ | 305,636 | | $ | 212,100 | |
| Cost of goods sold | | 240,174 | | | 191,634 | | | 135,744 | |
| Gross profit | | 158,786 | | | 114,002 | | | 76,356 | |
| Selling expenses | | 56,652 | | | 42,178 | | | 27,997 | |
| Administrative expenses | | 35,906 | | | 26,896 | | | 17,604 | |
| Total expenses | | 92,558 | | | 69,074 | | | 45,601 | |
| Income before taxes | | 66,228 | | | 44,928 | | | 30,755 | |
| Income tax expense | | 12,318 | | | 9,210 | | | 6,243 | |
| Net income | $ | 53,910 | | $ | 35,718 | | $ | 24,512 | |
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| KORBIN COMPANY |
| Comparative Balance Sheets |
| December 31, 2019, 2018, and 2017 |
| | 2019 | 2018 | 2017 |
| Assets | | | | | | | | | |
| Current assets | $ | 56,006 | | $ | 37,485 | | $ | 50,109 | |
| Long-term investments | | 0 | | | 900 | | | 3,080 | |
| Plant assets, net | | 104,011 | | | 94,541 | | | 56,940 | |
| Total assets | $ | 160,017 | | $ | 132,926 | | $ | 110,129 | |
| Liabilities and Equity | | | | | | | | | |
| Current liabilities | $ | 23,362 | | $ | 19,806 | | $ | 19,273 | |
| Common stock | | 69,000 | | | 69,000 | | | 51,000 | |
| Other paid-in capital | | 8,625 | | | 8,625 | | | 5,667 | |
| Retained earnings | | 59,030 | | | 35,495 | | | 34,189 | |
| Total liabilities and equity | $ | 160,017 | | $ | 132,926 | | $ | 110,129 | |
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2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)
Answer & Explanation
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