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Posted on Sep 10, 2024

Please help me with the 3 questions.... Here is the additional part to this question: Required information The following Information applies to the questions displayed

Please help me with the 3 questions.... image text in transcribed

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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 $ 417,779 $ 329,846 $ 222,1ee Cost of goods sold 251,498 201,629 142, 144 Gross profit 166, 272 118,417 79,956 Selling expenses 59,323 29, 317 Administrative expenses 37.599 28. 164 18,434 Total expenses 96 922 72 330 47,751 Income before taxes 69,350 46,687 32, 205 Income tax expense 12,899 9.448 6,538 Net income $ 56,451 $36,639 $ 25,667 44,166 2017 KORBIN COMPANY Comparative Balance Sheets Decenber 31, 2019 2018, and 2017 2019 2018 Assets Current assets $ 55.625 27363 Long-term investments 600 Plant assets, net 145.285 95.87e Total assets $ 161.110 $ 133,633 Liabilities and Equity Current lillies $ 23,522 19.941 Cart stuck 69.680 68,000 Other paid in capital 9.se 9.5ee Retained earnings $1.888 27.392 Total liabilitlend uity s 101 112 $ 10 $33 49.946 4.580 56.355 $ 118.881 $ 19,464 se, ee 5.556 35,921 110.881 4. Refer to the results from parts 1, 2 and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year? Yes No (b) Did Income as a percent of sales Improve in the most recent year? Yes No (c) Did plant assets grow over this period? Yes No KORBTN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2919 2018 2017 Sales $ 417,770 328,846 $ 222, 180 Cost of goods sold 251,498 201,629 142,144 Gross profit 166,272 118,417 79,956 Selling expenses 59,323 44,166 29,317 Administrative expenses 37,599 28,164 18,434 Total expenses 96,922 72,330 47,751 Income before taxes 69,35 46,887 32, 205 Income tax expense 12,899 9,448 Net income $ 56,451 $ 36,639 $ 25,667 6,538 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 55,825 $ 37,363 $ 49,946 Long-term investments 4,580 Plant assets, net 105,285 95,870 56,355 Total assets $ 161, 110 $ 133,833 $ 110,881 Liabilities and Equity Current liabilities $ 23,522 19,941 $ 19,484 Common stock 68. Bee 68,000 se.ee Other paid-in capital 8.See 8, see 5,556 Retained earnings 61,888 37.392 35,921 Total liabilities and equity $ 161, 110 $ 133,833 $ 110,891 Required: 1. Complete the below table to calculate each year's current ratio. Choose Numerator: Current Ratio Choose Denominator: 1 = = = Current ratio Current rato Oto 2019 2018 oto 1 2017 = Oto KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2919 2018 2017 Assets Current assets $ 55,825 $ 37,363 $ 49,946 Long-term investments 609 4,589 Plant assets, net 105,285 95,870 56,355 Total assets $ 161, 110 $ 133,833 $ 118,881 Liabilities and Equity Current liabilities $ 23,522 $ 19,941 $ 19,494 Comman stock 68,888 68,888 50,000 Other paid-in capital 8,5ee 8,500 5,556 Retained earnings 61,888 37,392 35.921 Total liabilities and equity $ 161, 110 $ 133,833 $ 112,881 2 Complete the below table to calculate Income statement data in common-size percents. (Round you decimal places.) 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 Seling expenses Administrative expenses Total expenses Income before taxes nome tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2919 2018 2817 Assets Current assets $ 55,825 $ 37,363 $ 49,946 Long-term investments bee 4,589 Plant assets, net 105,285 95,870 56,355 Total assets $ 161, 110 S 133,833 $ 119,881 Liabilities and Equity Current liabilities $ 23,522 $ 19,941 $ 19,404 Common stock 68,888 68,888 58,888 Other paid-in capital 8,5ee 8,500 5,556 Retained earnings 61,888 37,392 35,921 Total liabilities and equity $ 161, 110 $ 133,833 $ 110,881 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019. 2018 and 2017 2019 2018 2017 100.000 100.00 100.00 100.00 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 abilities and equity . ..." 100.00 100.00 100.00 100.00 100.00