Selected comparative financial statements of Korbin Company follow.

KORBIN COMPANY

Comparative Income Statements

For Years Ended December 31, 2020, 2019, and 2018

2020 2019 2018

Sales $ 552,638 $ 423,366 $ 293,800

Cost of goods sold 332,688 265,450 188,032

Gross profit 219,950 157,916 105,768

Selling expenses 78,475 58,425 38,782

Administrative expenses 49,737 37,256 24,385

Total expenses 128,212 95,681 63,167

Income before taxes 91,738 62,235 42,601

Income tax expense 17,063 12,758 8,648

Net income $ 74,675 $ 49,477 $ 33,953

KORBIN COMPANY

Comparative Balance Sheets

December 31, 2020, 2019, and 2018

2020 2019 2018

Assets

Current assets $ 58,719 $ 39,301 $ 52,536

Long-term investments 0 700 3,550

Plant assets, net 110,744 100,771 60,544

Total assets $ 169,463 $ 140,772 $ 116,630

Liabilities and Equity

Current liabilities $ 24,742 $ 20,975 $ 20,410

Common stock 70,000 70,000 52,000

Other paid-in capital 8,750 8,750 5,778

Retained earnings 65,971 41,047 38,442

Total liabilities and equity $ 169,463 $ 140,772 $ 116,630

Required:

1. Complete the below table to calculate each year's current ratio.

[The following information applies to the questions displayed below] Selected comparative financial statements of Korbin Company follow. 2. Complete the below table to calculate income statement data in common-size percents. Note: Round your percentage answers to 2 decimal places