problem 2

Required information Problem 13-2A (Algo) 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, 2020, 2019, and 2018 2020 2019 2018 Sales $ 416,830 $319,326 $ 221,600 Cost of goods sold 258,932 199,898 141,824 Gross profit 165,898 119,428 79,776 Selling expenses 59,190 44,962 29, 251 Administrative expenses 37,515 28, 101 18,393 Total expenses 96,705 72,168 47,644 Income before taxes 69,193 47,250 32,132 12,870 Income tax expense 9,688 6,523 $ 56,323 $ 37,572 $ 25,609 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 2018 $61,509 5 41,168 $ 55,032 600 4.980 Assets Current assets Long-term investments of 5 Next > Sav KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 2018 Assets Current assets $ 61,509 $ 41,168 $ 55,032 Long-term investments 600 4,980 Plant assets, net 114,230 104,217 60,937 Total assets $ 175,739 $ 145,985 $ 120,949 Liabilities and Equity Current liabilities $ 25,658 $ 21,752 $ 21,166 Common stock 64,000 64,000 46,000 Other paid in capital 8,000 8,000 5,111 78,081 Retained earnings 52,233 48,672 $ 175,739 $ 145,985 $ 120,949 Total liabilities and equity Problem 13-2A (Algo) Part 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: 1 11 1 7 Current ratio Current ratio to 1 to 1 = 2020 2019 7 Il 11 2018 to 1