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Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income
Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets 2021 2020 $ 556,588 $426,392 335,066 269,480 221,522 156,912 79,035 58,842 50,093 37,522 129,128 96,364 92,394 60,548 17,185 12,412 $ 75,209 $ 48,136 December 31 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 $ 53,273 0 100,473 $ 153,746 $ 22,447 67,000 8,375 55,924 $ 153,746 2020 2019 $ 295,900 189,376 106,524 39,059 24,560 63,619 42,905 8,710 $ 34,195 $ 35,656 500 91,560 $ 127,716 $ 19,030 67,000 8,375 33,311 $ 127,716 Required: 1. Complete the below table to calculate each year's current ratio. 2019 $ 47,663 3,870 54,280 $ 105,813 $ 18,517 49,000 5,444 32,852 $ 105,813
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