Required Information Problem 13-2A (Static) 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 2021 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2020 2019 $ 555,000 283,500 $ 340,000 $ 278,000 212,500 153,900 271,500 127,500 124,100 102,900 46,920 50,800 50,668 29,920 22,800 153,568 76,840 73,600 117,932 50,660 50,500 40,800 10,370 15,670 $ 77,132 $ 40,290 $ 34,830 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets December 31 2021 2020 $ 52,390 100,000 $ 152,390 $ 134,424 2019 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 22,800 72,000 9,000 48,590 $ 37,924 500 96,000 $ 19,960 72,000 9,000 33,464 $ 51,748 3,950 60,000 $ 115,698 $ 20,300 60,000 6,000 29,398 Total liabilities and equity $ 152,390 $ 134,424 $ 115,698 Problem 13-2A (Static) Part 1 Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Current Ratio Numerator: 1 Denominator: = Current ratio 1 = Current ratio 1 = 0 to 1 = 0 to 1 ' = 0 to 1