Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3

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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, 2020, 2019, and 2018
	2020			2019			2018
Sales	$	383,160		$	293,532		$	203,700
Cost of goods sold		230,662			186,393			130,368
Gross profit		152,498			107,139			73,332
Selling expenses		54,409			40,507			26,888
Administrative expenses		34,484			25,831			16,907
Total expenses		88,893			66,338			43,795
Income before taxes		63,605			40,801			29,537
Income tax expense		11,831			8,364			5,996
Net income	$	51,774		$	32,437		$	23,541

KORBIN COMPANY
Comparative Balance Sheets
December 31, 2020, 2019, and 2018
	2020			2019			2018
Assets
Current assets	$	56,215		$	37,625		$	50,296
Long-term investments		0			600			3,040
Plant assets, net		101,251			92,581			55,037
Total assets	$	157,466		$	130,806		$	108,373
Liabilities and Equity
Current liabilities	$	22,990		$	19,490		$	18,965
Common stock		72,000			72,000			54,000
Other paid-in capital		9,000			9,000			6,000
Retained earnings		53,476			30,316			29,408
Total liabilities and equity	$	157,466		$	130,806		$	108,373

Problem 13-2A (Algo) Part 1

Required: 1. Complete the below table to calculate each year's current ratio.

2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)

3. Complete the below table to calculate the balance sheet data in trend percents with 2018 as base year. (Round your percentage answers to 2 decimal places.)

Current Ratio Choose Denominator: Choose Numerator: 1 1 Current ratio Current ratio to 1 to 1 1 Il 2020 2019 2018 = 11 to 1 2018 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 2019 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2020, 2019 and 2018 2020 2019 2018 % % % 100.00 % 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 liabilities and equity % % 100.00 % 100.00 100.00 100.00 100.00 %