Answer Happy

[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 550,945 $ 422,069 266,326 2019 $ 292,900 Sales Cost of goods sold Gross profit Selling expenses 331,669 187,456 219,276 155,743 105,444 78,234 58,246 38,663 Administrative expenses 49,585 37,142 24,311 Total expenses 127,819 95,388 62,974 Income before taxes 91,457 60,355 42,470 Income tax expense 17,011 12,373 8,621 Net income $ 74,446 $ 47,982 $ 33,849 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 $ 58,542 $ 39,183 800 105,442 96,238 $ 163,984 $ 136,221 $ 20,297 71,000 $ 23,942 71,000 8,875 60,167 8,875 36,049 $ 163,984 $ 136,221 2019 $ 52,378 3,150 57,331 $ 112,859 $ 19,750 53,000 5,889 34,220 $ 112,859
2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % %
3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2019 Assets Current assets % Long-term investments Plant assets, net % Total assets Liabilities and Equity Current liabilities % Common stock Other paid-in capital Retained earnings % Total liabilities and equity. 2020 % % % % 100.00 % 100.00 100.00 100.00 % 100.00 % 100.00 100.00 100.00 100.00 %
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 O 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