Selected comparative financial statements of KorbinCompany follow.KORBIN COMPANYComparativeIncome StatementsFor Years Ended December 31Sales.Cost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome tax expenseNet incomeAssetsCurrent assetsLong-term investments.Plant assets, netTotal assetsKORBIN COMPANYComparative Balance SheetsLiabilities and EquityCurrent liabilities.202120202019$ 483,981 $ 370,769 $ 257,300291,357234,326164,672192,624136,44392,62868,72551,16643,55832,628112,28383,79480,34152,64914,94310,793$ 65,398 $ 41,856SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome tax expenseNet incomeCommon stockOther paid-in capitalRetained earningsTotal liabilities and equityDecember 312021S%$ 57,8430KORBIN COMPANYCommon-Size Comparative Income StatementsFor Years Ended December 31, 2021, 2020, and 201920212020%$ 38,714$ 51,7529004,660105,78796,31256,203$ 163,630 $ 135,926 $ 112,6152. Complete the below table to calculate income statementdata in common-size percents. (Round your percentageanswers to 2 decimal places.)2020$ 23,890$ 20,25366,00066,0008,2508,25065,49041,423$ 163,630 $ 135,926 $ 112,615▬▬33,96421,35655,32037,3087,574$ 29,734%%20192019$19,70848,0005,33339,574%%

Common Size Income Statement:— It is Comparative income statement in which all items of income…

Answered: 2. Complete the below table to…

2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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