Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, F [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 500,910 $ 383,738 2019 $ 266,300 Cost of goods sold 301,548 243,290 170,432 Gross profit 199,362 140,448 95,868 Selling expenses 71,129 52,956 35,152 Administrative expenses 45,082 33,769 22,103 Total expenses 116,211 86,725 57,255 Income before taxes 83,151 53,723 38,613 Income tax expense Net income 15,466 11,013 7,838 $ 67,685 $ 42,710 $ 30,775 Assets KORBIN COMPANY Comparative Balance Sheets Current assets Long-term investments December 31 2021 2020 2019 $ 58,221 0 108,124 $ 38,967 900 98,315 $ 52,090 3,560 58,834 Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 166,345 $ 138,182 $ 114,484 $ 24,286 $ 20,589 $ 20,035 73,000 9,125 73,000 55,000 9,125 6,111 59,934 35,468 33,338 $ 166,345 $ 138,182 $ 114,484 Problem 13-2A (Algo) Part 1 Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: 1 1 1 Current Ratio Denominator: = Current ratio = Current ratio = 0 to 1 = 0 to 1 0 to 1 Problem 13-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places. KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Total expenses Administrative expenses Income before taxes. Income tax expense Net income 2021 % 2020 2019 % 10 % % % % Problem 13-2A (Algo) Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. Note: 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 Long-term investments % % 100.00 % 100.00 Plant assets, net 100.00 Total assets % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % Common stock Other paid-in capital Retained earnings 100.00 100.60 100.00 Total liabilities and equity % % 100.00 %