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Please help!! [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For
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[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 2021 2020 Sales $ 450,876 $ 345,408 Cost of goods sold 271,427 215,880 Gross profit 179,449. 129,528 Selling expenses 64,024 47,666 Administrative expenses 40,579 30, 396 Total expenses 104,603 78,062 Income before taxes 74,846 51,466 Income tax expense 13,921 10,551 Net income $ 60,925 $ 40,915 2019 $ 239,700 153, 408 86,292 31,640 19,895 51,535 34,757 7,056 $ 27,701 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 56,571 $ 37,863 Long-term investments 0 1,100 Plant assets, net 103, 460 93,974 Total assets $ 160,031 $ 132,937 Liabilities and Equity Current liabilities $ 23,365 $ 19,808 Common stock 64,000 64,000 Other paid-in capital 8,000 8,000 Retained earnings 64,666 41,129 Total liabilities and equity $ 160,031 $ 132,937 $ 50,614 3,740 55,784 $ 110,138 $ 19,274 46,000 5,111 39,753 $ 110, 138 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Denominator: Numerator: 1 = Current ratio 1 11 Current ratio 0 to 1 2021 1 2020 1 Oto 1 2019 / 11 Oto 1 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2010 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 expenso Not income % 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 Assets Current assets % % 100.00 % Long-term investments Plant assets, net Total assets 100.00 100.00 100,00 % % % Liabilities and Equity % % % Current liabilities Common stock 100.00 % 100.00 100.00 100.00 100.00 % Other paid-in capital Retained earnings Total liabilities and equity % % Step by Step Solution
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