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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 526,492 $
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY | |||
---|---|---|---|
Comparative Income Statements | |||
For Years Ended December 31 | |||
2021 | 2020 | 2019 | |
Sales | $ 526,492 | $ 403,336 | $ 279,900 |
Cost of goods sold | 316,948 | 252,892 | 179,136 |
Gross profit | 209,544 | 150,444 | 100,764 |
Selling expenses | 74,762 | 55,660 | 36,947 |
Administrative expenses | 47,384 | 35,494 | 23,232 |
Total expenses | 122,146 | 91,154 | 60,179 |
Income before taxes | 87,398 | 59,290 | 40,585 |
Income tax expense | 16,256 | 12,155 | 8,239 |
Net income | $ 71,142 | $ 47,135 | $ 32,346 |
KORBIN COMPANY | |||
---|---|---|---|
Comparative Balance Sheets | |||
December 31 | |||
2021 | 2020 | 2019 | |
Assets | |||
Current assets | $ 59,970 | $ 40,138 | $ 53,655 |
Long-term investments | 0 | 600 | 3,560 |
Plant assets, net | 113,104 | 103,034 | 61,900 |
Total assets | $ 173,074 | $ 143,772 | $ 119,115 |
Liabilities and Equity | |||
Current liabilities | $ 25,269 | $ 21,422 | $ 20,845 |
Common stock | 68,000 | 68,000 | 50,000 |
Other paid-in capital | 8,500 | 8,500 | 5,556 |
Retained earnings | 71,305 | 45,850 | 42,714 |
Total liabilities and equity | $ 173,074 | $ 143,772 | $ 119,115 |
Required:
1. Complete the below table to calculate each year's current ratio.
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