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 $ 511,820 $ 392,096 $ 272,100 Cost of goods sold 308,116 248,197 174,144 Gross profit 203,704 143,899 97,956 Selling expenses 72,678 54,109 35,917 Administrative expenses 46,064 34,504 22,584 Total expenses 118,742 88,613 58,501 Income before taxes 84,962 55, 286 39,455 Income tax expense 15,803 11,334 8,009 Net income $ 69,159 $ 43,952 $ 31,446 2019 2018 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 20 Assets Current assets $ 60,914 Long-term investments 0 Plant assets, net 116,679 Total assets $ 177,593 Liabilities and Equity Current liabilities $ 25,929 Common stock 73,000 Other paid-in capital 9,125 Retained earnings 69,539 Total liabilities and equity $ 177,593 $ 40,770 700 106,056 $ 147,526 $ 54,500 3,900 63,825 $ 122,225 $ 21,981 73,000 9,125 43,420 147,526 $ 21,389 55,000 6,111 39,725 $ 122,225 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 1 II Current ratio Current ratio to 1 to 1 1 2020 2019 2018 1 II 1 II to 1