Chapter 13 Homework a Saved Help Save & Exit Submit 1 Part 1 of 3 3 25 points Required information 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, 2019, 2018, and 2017 2019 2018 2017 Sales $431, 690 $330, 710 $229,500 Cost of goods sold 259, 877 210,001 146,880 Gross profit 171, 813 120, 709 82,620 Selling expenses 61,300 45,638 30, 294 Administrative expenses 38, 852 29, 102 19, 049 Total expenses 100, 152 74,740 Income before taxes 71,661 45, 969 33,277 Income tax expense 13,329 9, 424 6, 755 Net income $ 58,332 $ 36,545 S 26,522 Skipped 49, 343 eBook Print References 1 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 56,225 $ 37,631 $ 50,304 Long-term investments B 800 3, 010 Plant assets, net 104,417 95, 014 57.245 Total assets $160,642 $133,445 $110,559 Liabilities and Equity Current liabilities $ 23, 454 $ 19,883 $ 19,348 Common stock 73,000 55,000 Other paid-in capital 9,125 9, 125 6, 111 Retained earnings 55, 063 31,437 30, 100 Total liabilities and equity $160,642 $133,445 $110,559 Part 1 of 3 73,000 25 points Skipped eBook Required: 1. Complete the below table to calculate each year's current ratio. Print Choose Numerator: : Current Ratio Choose Denominator: 1 1 References 2019 2018 Current ratio Current ratio 0 to 1 0 to 1 oto 1 2017 1 - Chapter 13 Homework a Saved Help Save & Exit Submit 1 Part 1 of 3 3 25 points Required information 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, 2019, 2018, and 2017 2019 2018 2017 Sales $431, 690 $330, 710 $229,500 Cost of goods sold 259, 877 210,001 146,880 Gross profit 171, 813 120, 709 82,620 Selling expenses 61,300 45,638 30, 294 Administrative expenses 38, 852 29, 102 19, 049 Total expenses 100, 152 74,740 Income before taxes 71,661 45, 969 33,277 Income tax expense 13,329 9, 424 6, 755 Net income $ 58,332 $ 36,545 S 26,522 Skipped 49, 343 eBook Print References 1 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 56,225 $ 37,631 $ 50,304 Long-term investments B 800 3, 010 Plant assets, net 104,417 95, 014 57.245 Total assets $160,642 $133,445 $110,559 Liabilities and Equity Current liabilities $ 23, 454 $ 19,883 $ 19,348 Common stock 73,000 55,000 Other paid-in capital 9,125 9, 125 6, 111 Retained earnings 55, 063 31,437 30, 100 Total liabilities and equity $160,642 $133,445 $110,559 Part 1 of 3 73,000 25 points Skipped eBook Required: 1. Complete the below table to calculate each year's current ratio. Print Choose Numerator: : Current Ratio Choose Denominator: 1 1 References 2019 2018 Current ratio Current ratio 0 to 1 0 to 1 oto 1 2017 1
