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 S428, 304 $ 328,116 $ 227, 700 Cost of goods sold 257,839 205,729 145,728 Gross profit 170, 465 122,387 81,972 Selling expenses 60, 819 45,280 30,056 Administrative expenses 38,547 28,874 18,899 Total expenses 99,366 74, 154 48,955 Income before taxes 71,099 48,233 33,017 Income tax expense 13, 224 9,888 6, 702 Net income S 57,875 $ 38, 345 $ 26, 315 KORBIN COMPANY Comparative Balance sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Curront assets $ 57,971 $ 38,800 $ 51, 867 Long-term investments 0 1,000 3,760 Plant assets, net 107, 661 97,790 58,366 Total assets $ 165, 632 $137,590 $113,993 Liabilities and Equity Current liabilities $ 24,182 $ 20,501 $ 19,949 Common stock 63,000 63,000 45,000 other paid-in capital 7,875 7,975 5,000 Retained earnings 70,575 46,214 44,044 Total liabilities and equity $165,632 $ 137,590 $113, 993 Required: 1. Complete the below table to calculate each year's current ratio Choose Numerator: Current Ratio Choose Denominator Current ratio Current ratio RE Required: 1. Complete the below table to calculate each year's current ratio Answer is complete and correct. Current Ratio 1 Choose Denominator: Current ratio Current ratio Choose Numerator: Current assets $ 57.971 s 38 800 $ 51 867 24 2019 2018 2017 Current liabilities S 24,182 $ 20,501 $ 19,949 to 1 1 1.9 26 to 1 to 1 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answe decimal places.) 2017 100.00% KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00% 100.00% Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Not income % % % 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.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets % % 100.00 % 100.00 Current assets Long-term investments Plant assets, not Total assets 100.00 100.00 % X 10000% 100.00 Liabilities and Equity Current liabilities Common stock Other paid in capital Returned emings Totabilities and equity 100.00 100.00 100.00 % 4. Refer to the results from parts 1.2, and 3 (a) Did cost of goods sold make up a greater portion of sales for the most recent year? Yes No w (b) Did income as a percent of sales improve in the most recent year? Yes NO (c) Did plant assets grow over this period? OO Yes NO 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answe decimal places.) 2017 100.00% KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00% 100.00% Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Not income % % % 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to decimal places.) 2017 100.00% KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 Sales 100.00% 100.00% Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 96 % . 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.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 % % 100.00 % Assets Current assets Long term investments Plant assets, not Total assets Liabilities and Equity Current liabilities 100.00 100.00 100.00 % % % 100.00 % Common stock Other paid in capital Retained earnings Total abilities and equity 100.00 100.00 100.00 100 0019 % 4 art 4 of 4 comparative ance sheets December 31, 2019, 2018, and 2017 2019 2010 2017 Assets Current asset $ 57,971 $ 38,800 51.967 Long-term investments 0 1,000 3,760 Plant assets, bet 109, 661 97,790 58,366 Total asets $165,632 $137,590 5113,993 Liabilities and Equity Current liabilities $ 24,182 S 20, 501 $ 19,949 Common stock 63,000 63,000 45,000 Othey paid-in capital 7.875 7.375 5.000 Rocained earnings 70,575 46,214 44.044 Total liabilities and equity $165,632 $137,590 113,993 Skipped eBook 4. Rofer to the results from parts 1, 2 and 3 (a) Did cost of goods sold make up a greater portion of sales for the most recent year? Yes No (b) Did income as a percent of sales improve in the most recent year? Yes No (c) Did plant assets grow over this period? Yes No Required: 1. Complete the below table to calculate each year's current ratio 11 Choose Numerator: 1 Current assets 2019 $ 57,971 1 2018 $ 38,800 / 2017 $ 51,8677 Current Ratio Choose Denominator: Current liabilities $ 24,182 $ 20,501 $ 19,949 11 Current ratio Current ratio 2.4 to 1 1.9 to 1 2.6 to 1 LA 11