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KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales $ 503,168 $ 385,468 $ 267,500 Cost

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KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales $ 503,168 $ 385,468 $ 267,500 Cost of goods sold 302,907 242,845 171,200 Gross profit 200,261 142,623 96,300 Selling expenses 71,450 53, 195 35,310 Administrative expenses 45, 285 33,921 22,203 Total expenses 116,735 87,116 57,513 Income before taxes 83,526 55,507 38,787 Income tax expense 15,536 11,379 7,874 Net income $ 67,990 $ 44,128 $ 30,913 2019 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 Assets Current assets $ 57, 328 $ 38, 370 Long-term investments 800 Plant assets, net 108, 121 98, 267 Total assets $ 165,449 $ 137,437 Liabilities and Equity Current liabilities $ 24, 156 $ 20,478 Common stock 66,000 66,000 Other paid-in capital 8,250 8, 250 Retained earnings 67,043 42,709 Total liabilities and equity $ 165,449 $ 137,437 $ 51,291 4,220 58,356 $ 113,867 $ 19,927 48,000 5,333 40,607 $ 113,867 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Numerator: 1 Denominator: = Current ratio Current ratio 7 Il = 2021 2020 0 to 1 0 to 1 1 11 2019 IL 0 to 1 2. Complete the below table to calculate income statement data in common-size percents decimal places.) 2019 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense % % Net income % Prey N 3 of 6 Ne KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets % % 100,00 % + Long-term investments Plant assets, net Total assets 100.00 100.00 100.00 % % % Liabilities and Equity Current liabilities % 100.00 % 100.00 Common stock 100.00 Other paid in capital Retained earnings Total liabilities and equity 100.00 100.00 %

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