Saved Ch 13 HW - ACG3073 6 20 Selected comparative financial statements of Korbin Company follow. Part 1 of 4 KORDIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 409, 118 $313, 418 $ 217,500 Coat of goods sold 246,289 197,453 139,200 Gross profit 162, 829 115,965 78,300 Selling expenses 58,095 43, 252 28,210 Administrative expenses 36,821 27,581 18, 053 Total expenses 94,916 70,833 46, 763 Income before taxes 67.913 45, 132 31,537 Income tax experise 12,632 9,252 6402 Net income $ 55,281 $ 35,880 $ 25, 135 10 points eBook Print References 2017 XORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Corrent assets $ 56,259 $ 37,654 Long-term investments 0 700 Plant assets, net 106, 104 96,520 Total assets $ 162,363 $ 134,874 Liabilities and Equity Current liabilities $ 23, 705 $ 20,096 Common stock 70,000 70,000 Other paid-in capital 8.750 8.750 Retained earnings 59,908 36,028 Total liabilities and equity $ 162,363 $ 134,874 $ 50,335 3,380 58 028 $111) 743 $ 19,555 52,000 5778 34,410 $ 111, 743 Mc Required: 1. Complete the below table to calculate each year's current ratio. Answer is not complete. Current Ratio Choose Denominator: Current ratio Choose Numerator: Cost of goods sold x 17 $ 449,118 X/ Net sales x = Current ratio 2019 0 to 1 2018 2 11 0 to 1 2017 7 11 0 to 1 Part 2 of 4 2. Complete the below table to calculate income statement data in common size percents (Round your percentage answers to 2 decimal places) 10 points took 2017 300.00% F References KORDIN COMPANY Common Compare inconstatements For Year Ended December 31, 2018, 2016 and 2017 3019 2018 Sales 100.00 % 200.00 Cost of goods sold 246.289.00 Gross prole (246,169.00) Selling expenses Administrative expenses Tatal experties Income before taxes Income tax expense 12.632.00 + Net income (12,632.00) % MC