KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 411,939 $ 315,579 $ 219,000 Cost of goods sold 247,987 198,184 140, 160 Gross profit 163,952 117,395 78,840 Selling expenses 58,495 43,550 28,908 Administrative expenses 37,075 27,771 18,177 Total expenses 95,570 71,321 47,085 Income before taxes 68,382 46,074 31,755 Income tax expense 12,719 9,445 6,446 Net income $ 55,663 $ 36,629 $ 25,309 2018 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 55,759 Long-term investments 0 Plant assets, net 106,803 Total assets $ 162,562 Liabilities and Equity Current liabilities $ 23,734 Common stock 71,000 Other paid-in capital 8,875 Retained earnings 58,953 Total liabilities and equity $ 162,562 $ 37,319 900 96,820 $ 135,039 $ 49,887 4,310 57,683 $ 111,880 $ 20,121 71,000 8,875 35,043 $ 135,039 $ 19,579 53,000 5,889 33,412 $ 111,880 Problem 17-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. = Choose Numerator: Current assets Current Ratio Choose Denominator: 1 Current liabilities 1 $ 162,562 IS 135,039 IS 111,880 Current ratio Current ratio to 1 to 1 2019 2018 2017 = = = UCHIGI PIELE) 2017 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income