Problem 17-2A Ratios, common-size statements, and trend percents LO P1, P2, P3 [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, 2017, 2016, and 2015 2016 2017 2015 $ 322,496 204,140 118,356 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses S420,968 223,800 253,423 143,232 80,568 167,545 59,777 37,887 97,664 69,881 542 44,504 28,380 72,884 45,472 9,322 18,575 Total expenses 48,117 32,451 6,588 Income before taxes Income taxes 12,998 56,883 36,150 25,863 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 2015 Assets $ 52,436 41,025 1,100 103,352 $ 145,477 Current assets 54,840 3,570 62,118 Long-term investments Plant assets, net 0 97,380 $ 149,816 120,528 Total assets Liabilities and Equity 21,676 71,000 Current liabilities S 21,873 S 21,092 53,000 5,889 40,547 Common stock 71,000 8,875 48,068 other paid-in capital Retained earnings 8,875 43,926 $ 145,477 Total liabilities and equity $149,816 $120,528 Problem 17-2A Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: Choose Denominator: Current ratio Current ratio to 1 2017 2016 to 1 2015 to 1