Required information [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, 2020, and 2019 2021 2020 2019 Sales $ 475,893 $ 364,573 $ 253,000 Cost of goods sold 286,488 228,952 161,920 Gross profit 189,405 135,621 91,080 Selling expenses 67,577 50,311 33,396 Administrative expenses 42,830 32,082 20,999 Total expenses 110,407 82,393 54,395 Income before taxes 78,998 53,228 36,685 Income tax expense 14,694 10,912 7,447 Net income $ 64,304 $ 42,316 $ 29,238 2019 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 Assets Current assets $ 54,870 $ 36,724 Long-term investments @ 900 Plant assets, net 101,900 92,604 Total assets $ 156,770 $ 130,228 $ 49,092 4,670 54,132 $ 107,894 @ 101,900 $ 156,770 900 92,604 $ 130,228 4,670 54,132 $ 107,894 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 $ 22,888 71,000 8,875 54,007 $ 156,770 $ 19,404 71,000 8,875 30,949 $ 130,228 $ 18,881 53,000 5,889 30,124 $ 107,894 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Denominator: Numerator: = / / = / Il 2021 2020 2019 Current ratio Current ratio 0 to 1 0 to 1 0 to 1 / = / II Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales $ 475,893 $ 364,573 $ 253,000 Cost of goods sold 286,488 228,952 161,920 Gross profit 189,405 135,621 91,080 Selling expenses 67,577 50,311 33,396 Administrative expenses 42,830 32,082 20,999 Total expenses 110,407 82,393 54,395 Income before taxes 78,998 53,228 36,685 Income tax expense 14,694 10,912 7,447 Net income $ 64,304 $ 42,316 $ 29,238 2019 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 Assets Current assets $ 54,870 $ 36,724 Long-term investments 900 Plant assets, net 101,900 92,604 Total assets $ 156,770 $ 130,228 Liabilities and Equity Current liabilities $ 22,888 $ 19,404 Corrmon stock 71,000 71,000 Other paid-in capital 8,875 8,875 Retained earnings 54,007 30,949 1.-L:1:1:-- ----..'1.. $ 49,092 4,670 54,132 $ 107,894 $ 18,881 53,000 5,889 30,124 T-1.1 t 156 7712 t 121728 t1127 Rai Retained earnings Total liabilities and equity 54,007 $ 156,770 30,949 $ 130,228 30,124 $ 107,894 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2019 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % %
