Required information

Problem 13-2A 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.

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

Required information Problem 13-2A 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 2017 2016 2015 Sales $ 555,000 $340, eee $278, eee Cost of goods sold 283,580 212,500 153,980 Gross profit 271,500 127,500 124, 188 Selling expenses 102,900 46,920 50,80 Administrative expenses 50,668 29,928 22,888 Total expenses 153,568 76,840 73,600 Income before taxes 117,932 50,660 50,500 Income taxes 40,800 10,370 15,670 Net income $ 77,132 $ 40,298 $ 34,830 2015 KORBIN COMPANY Comparative Balance Sheets December 31, 2017, 2016, and 2015 2017 2016 Assets Current assets $ 52,390 $ 37,924 Long-term investments 500 Plant assets, net 100, 000 96, eee Total assets 152, 390 $134,424 Liabilities and Equity Current liabilities $ 22,800 $ 19,960 Common stock 72, eee 72,000 Other paid-in capital 2009,00 Retained earnings 590 33,464 Total liabilities and equity 390 $134,424 A la $ 51,748 3,950 60, eee $115,698 Il Nun NN 01 00N $ 20,300 6 0, eco 16,000 29,398 $115,698 Problem 13-24 Part 1 Required: 1. Complete the below table to calculate each year's current ratio Choose Numerator: Current Ratio Choose Denominator: = Current ratio Current ratio I = 0 to 1 I = 0 to 1 II oto 1 2017: 2016: 2015