17

Selected comparative financial statements of Korbin Company follow.

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
	2021	2020	2019
Sales	$ 499,406	$ 382,586	$ 265,500
Cost of goods sold	300,642	239,499	169,920
Gross profit	198,764	143,087	95,580
Selling expenses	70,916	52,797	35,046
Administrative expenses	44,947	33,668	22,037
Total expenses	115,863	86,465	57,083
Income before taxes	82,901	56,622	38,497
Income tax expense	15,420	11,608	7,815
Net income	$ 67,481	$ 45,014	$ 30,682

KORBIN COMPANY
Comparative Balance Sheets
December 31
	2021	2020	2019
Assets
Current assets	$ 54,684	$ 36,600	$ 48,926
Long-term investments	0	1,000	4,280
Plant assets, net	100,008	90,902	53,258
Total assets	$ 154,692	$ 128,502	$ 106,464
Liabilities and Equity
Current liabilities	$ 22,585	$ 19,147	$ 18,631
Common stock	69,000	69,000	51,000
Other paid-in capital	8,625	8,625	5,667
Retained earnings	54,482	31,730	31,166
Total liabilities and equity	$ 154,692	$ 128,502	$ 106,464

rev: 09_08_2021_QC_CDR-376, 10_13_2021_QC_CDR-376

Required: 1. Complete the below table to calculate each year's current ratio.