Required information [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 387,486 $ 296,846 $ 286,000 Cost of goods sold 233, 267 186,122 131,840 Gross profit 154,219 110,724 74,160 Selling expenses 55,823 40,965 27,192 Administrative expenses 34,874 26.122 17,898 Total expenses 89,897 67,087 44,290 Income before taxes 64,322 43,637 29,870 Incore tax expense 11,966 8.945 6,864 Net Inco $ 52,358 $ 34,692 $ 23,886 KORB IN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2018 2017 Current sets $ 55,128 $36,898 co $ 49,323 105 2019 2018 201 $ 55,128 $ 36,898 $ 49,323 6ee 3,780 103,973 94,666 56,395 $ 159, 101 $ 132,164 $ 109,498 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity $ 23,229 $ 19,692 $ 19,162 64, eee 64,000 46,000 8,000 8,000 5,111 63,872 48,472 39,225 $ 159, 101 $ 132,164 $ 109,498 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: Current ratio Current ratio - to 1 2019 2018 = to 1 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: 1 11 Current ratio Current ratio 1 = 2019 1 to 1 2018 1 11 to 1 to 1 2017 1 11 Complete the below table to calculate income statement data in common-size percents. ecimal places.) 2017 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales % Cost of goods sold Gross profil Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense 9 % Not income 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year. (Ro answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets 3 100.00 % 100.00 100.00 100.00 % Current assets Long-term investments Plant assets. net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and culty 5 100.00 % 100.00 100.00 100.00 5 100.00% DIO 5 HE Next