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[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended
[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 2019 Sales $ 482,853 $ 369,905 $ 256,700 Cost of goods sold 290,678 231,930 164,288 Gross profit 192,175 137,975 92,412 Selling expenses 68,565 51,047 33,884 Administrative expenses 43,457 32,552 21,306 Total expenses 112,022 83,599 55,190 Income before taxes 80,153 54.37 37,222 ncome tax expense 14,908 11,147 7,556 Net income $ 65,245 $ 43,229 $ 29,666 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 2019 Assets Current assets $ 59,564 $ 39,867 $ 53,292 Long-term investments 800 4,680 Plant assets, net 112,339 102,132 50,337 Total assets $ 171,903 $ 142,799 $ 118,309 Liabilities and Equity Current liabilities $ 25,098 $ 21,277 $ 20,704 Common stock 69,000 69,000 51,000 Other paid-in capital 8,625 8.625 5,667 Retained earnings 69,180 43,897 10,938 Total liabilities and equity $ 171,903 $ 142,799 $ 118,309 rev: 09_08_2021_QC_CDR-376, 10_13_2021_QC_CDR-376 17. Award: 2.00 points Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Numerator: Denominator: Current ratio = Current ratio 2021 0 to 1 2020 0 to 1 2019 0 to 1
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