Question
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANYComparative Income StatementsFor Years Ended December 31, 2021, 2020, and 2019202120202019Sales$ 443,352$ 339,644$ 235,700Cost of goods
Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANYComparative Income StatementsFor Years Ended December 31, 2021, 2020, and 2019202120202019Sales$ 443,352$ 339,644$ 235,700Cost of goods sold266,898212,278150,848Gross profit176,454127,36684,852Selling expenses62,95646,87131,112Administrative expenses39,90229,88919,563Total expenses102,85876,76050,675Income before taxes73,59650,60634,177Income tax expense13,68910,3746,938Net income$ 59,907$ 40,232$ 27,239
KORBIN COMPANYComparative Balance SheetsDecember 31, 2021, 2020, and 2019202120202019AssetsCurrent assets$ 55,562$ 37,188$ 49,711Long-term investments01,2004,690Plant assets, net104,79094,81555,958Total assets$ 160,352$ 133,203$ 110,359Liabilities and EquityCurrent liabilities$ 23,411$ 19,847$ 19,313Common stock71,00071,00053,000Other paid-in capital8,8758,8755,889Retained earnings57,06633,48132,157Total liabilities and equity$ 160,352$ 133,203$ 110,359
Required:
1.Complete the below table to calculate each year's current ratio.
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