KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 $553, 014 $423, 654 $294, 000 332, 914 269, 020 188, 160 220, 100 154, 634 105, 840 78,528 58,464 38,808 49,771 37, 282 24, 402 128, 299 95, 746 63, 210 91, 801 58,888 42, 630 17, 075 12, 072 8,654 $ 74,726 $ 46,816 $ 33,976 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 $ 52,905 $ 35,410 0 700 99, 779 90, 724 $152, 684 $126, 834 $ 22, 292 $ 18,898 72,000 72,000 9,000 9,000 49, 392 26,936 $152, 684 $126, 834 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 2017 $ 47,334 4, 300 53, 448 $105, 082 $ 18,389 54,000 6,000 26, 693 $105, 082 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % % Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days' sales in inventory, (6) debt-to-equity ratio, (7) times interest earned, (8) profit margin ratio, (9) total asset turnover, (10) return on total assets, and (11) return on common stockholders' equity. (Do not round intermediate calculations.) Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Req 5 Req 6 Req 7 Req 8 Req 9 Req 10 Req 11 Compute the current ratio and acid-test ratio. (1) Current Ratio Choose Numerator: Choose Denominator: = Current Ratio = Current ratio Acid-Test Ratio Choose Numerator: Choose Denominator: = (2) 1 7 / 1 II = || 0 to 1 Acid-Test Ratio Acid-Test Ratio 0 to 1