KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Sales $496,208 $380,136 $263,800 Cost of goods sold 298,717 239,106 168,832 Gross profit 197,491 141,030 94,968 Selling expenses 70,462 52,459 34,822 Administrative expenses 44,659 33,452 21,895 Total expenses 115,121 85,911 56,717 Income before taxes 82,370 55,119 38,251 Income tax expense Net income 15,321 11,299 7,765 $ 67,049 $ 43,820 $ 30,486 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock 2020 2019 2018 $ 61,166 $ 40,938 $ 54,725 115,359 1,000 104,700 3,380 63,385 $176,525 $146,638 $121,490. $ 25,773 71,000 $ 21,849 $ 21,261 Other paid-in capital 8,875 71,000 8,875 Retained earnings 70,877 44,914 Total liabilities and equity $176,525 $146,638 53,000 5,889 41,340 $121,490 Required: 1. Complete the below table to calculate each year's current ratio. 2020 Choose Numerator: 2019 1 2018 ' Current Ratio Choose Denominator: = Current ratio = Current ratio 11 = to 1 = to 1 to 1 2. Complete the below table to calculate income statement data in common-size percents. 2 decimal places.) Sales KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2020 % 2019 % % 2018 % 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 Balance Sheet Data in Trend Percents December 31, 2020, 2019 and 2018 2020 % 2019 2018 % 100.00 % 100.00 100.00 % 100.00% R 100.00 % 100.00 100.00 100.00 % % 100.00 %