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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 413,632 $ 316,876 $ 219,900 Cost of goods sold 249,006 2e8,899 140,736 Gross profit 164,626 115,977 79,164 Selling expenses 58,736 43,729 29,027 Administrative expenses 37,227 27,885 18,252 Total expenses 95,963 71,614 47,279 Income before taxes 68,663 44,363 31,885 Income tax expense 12,771 9,094 6,473 Net income $ 55,892 $ 35,269 $ 25,412 KORBIN COMPANY Comparative Balance Sheets December 31, 2019. 2018, and 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 56,781 $ 38,204 $ 50, 802 Long-term investments 1,200 3,220 Plant assets, net 105,451 95,561 57,631 Total assets $ 162,232 $ 134, 765 $ 111,653 Liabilities and Equity Current liabilities $ 23,686 $ 20,080 $ 19,539 Common stock 71,000 71,000 53,000 Other paid-in capital 8,875 8,875 5,889 Retained earnings 58,671 34,810 33,225 Total liabilities and equity $ 162,232 $ 134,765 $ 111,653 Common stock Other paid-in capital Retained earnings Total liabilities and equity 8,875 58,671 $ 162,232 8,875 34,810 $ 134, 765 5,889 33,225 $ 111,653 of 4 pod Required: 1. Complete the below table to calculate each year's current ratio. SOK Current Ratio Choose Denominator: Choose Numerator: 1 / = 2019 1 Current ratio Current ratio 0 to 1 0 to 1 0 to 1 1 2018 2017 Il 1 Current Ratio eBook Choose Numerator: Choose Denominat 2019 2018 Accounts receivable 2017 Cost of goods sold Current assets Current liabilities Net sales table to calculate each year's current ratio. Current Ratio or: Choose Denominator: Current ratio 11 Il Current ratio / A to 1 Current assets / to 1 Current liabilities 1 to 1 Net sales Accounts receivable, net Cost of goods sold Average accounts receivable, net 2. Complete the below table to calculate income statement data in common-size percents (Round your percentage answers to 2 decimal places.) KORDIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018 and 2017 2019 2018 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Totale Income before taxes income taxes Nincome 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as base year (Round your percentage answers to 2 decimal places.) ed KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 100.00% 100.00 100.00 100.00 % Assets Current assets Long-term investments Plant assets, not Totalets Liabilities and Equity Current labaitis Common stock Other post in capital 100.00 100.00 100.00 5 Required information art 3 of 4 % % 100.00 % 100.00 100.00 Skipped % % 100.00 % Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained eamings Total liabilities and equity % eBook % % 100.00 % 100.00 100.00 100.00 100.00 % % 4. Refer to the results from parts 1, 2, and 3. of 4 (a) Did cost of goods sold make up a greater portion of sales for the most recent year? Yes -ped ok k (b) Did income as a percent of sales improve in the most recent year? Yes (c) Did plant assets grow over this period? Yes ! Required information Yes (b) Did income as a percent of sales improve in the most recent year? O Yes (c) Did plant assets grow over this period? Yes