ork: Financial Statement A. Help Save & Exit Submit Check my work fine 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 2021 2020 Sales $ 548,312 $ 420,052 Cost of goods sold 330, 084 262,953 Gross profit 218, 228 157,099 Selling expenses 77,860 57,967 Administrative expenses 49,348 36,965 Total expenses 127, 208 94,932 Income before taxes 91,020 62, 167 Income tax expense 16,930 12,744 Net income $ 74,890 $ 49,423 2019 $ 291,500 186,560 104,940 38,478 24,195 62,673 42,267 8,580 $ 33,687 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 57,316 $ 38, 362 Long-term investments @ 500 Plant assets, net 106,444 97,173 Total assets $ 163,760 $ 136,035 Liabilities and Equity Current liabilities $ 23,909 $ 20,219 Common stock 69,000 69,000 Other paid-in capital 8,625 8,625 Retained earnings 62,226 38, 141 Total liabilities and equity $ 163,760 $ 136,635 $ 51,281 4,500 56,924 $ 112,705 $ 19,723 51,000 5,667 36, 315 $ 112,705 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Denominator: Numerator: Current ratio Current ratio 1 0 to 1 2021 2020 7 = O to 1 2019 11 1 O to 1 05 $ 112,70 Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 23,909 $ 20,269 $ 19,72 69,000 69,000 51,00 8,625 8,625 5,66 62,226 38, 141 36,31 $ 163,760 $ 136,035 $ 112,70 2. Complete the below table to calculate income statement data in common-size (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 % % Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense % % Net income 5 18 7,316 $ 38,362 500 106,444 97, 173 $ 163,760 $ 136,035 $ 51,281 4,500 56,924 $ 112,795 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 $ 23,909 69,000 8,625 62,226 $ 163,760 $ 20,269 $ 19,723 69,000 51,000 8,625 5,667 38, 141 36,315 $ 136,035 $ 112,705 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 % % 100.00 % 100.00 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 100.00 100.00 % % % % % 100.00 % 100.00 Common stock 100.00 100.00 Other paid-in capital Retained earnings Total liabilities and equity % % 100.00 % 19