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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2019 $ 299,200 2020 Sales $562,795
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2019 $ 299,200 2020 Sales $562,795 $ 431,147 Cost of goods sold 338,803 273,778 191,488 Gross profit 223,992 157,369 107,712 Selling expenses 79,917 59,498 39,494 Administrative expenses 50,652 37,941 24,834 Total expenses 130,569 97,439 64,328 Income before taxes 93,423 59,930 43,384 Income tax expense 17,377 12,286 8,807 Net income $ 76,046 $ 47,644 $ 34,577 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets 107,436 $ 164,401 $ 136,567 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings $ 24,003 68,000 8,500 63,898 Total liabilities and equity $ 164,401 $ 136,567 2021 2020 $ 56,965 $ 38,127 0 700 97,740 2019 $ 50,967 4,550 57,629 $ 113,146 $ 19,801 50,000 5,556 37,789 $ 113,146 $ 20,348 68,000 8,500 39,719 7 Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Current Ratio Numerator: 1 Denominator: == Current ratio 1 = Current ratio = to 11 1 to 1 to 1 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) Sales KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income. 2021 % 2020 2019 % % % % % 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) 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 KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 % 100.00 % 100.00 100.00 % 100.00 % % % 100.00 % 100.00 100.00 100.00 % % 100.00%
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