Required information [The following information applies to the questions displayed below. Selected comparative financial statements of Korbin Company follow. 3:07 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales $ 443,916 $ 340,076 Cost of goods sold 267,237 212,888 Gross profit 176,679 127,188 Selling expenses 63,036 46,930 Administrative expenses 39,952 29,927 Total expenses 102,988 76,857 Income before taxes 73,691 50,331 Income tax expense 13,707 10,318 Net income $ 59,984 $ 40,013 2019 $ 236,000 151,040 84,960 31, 152 19,588 50, 740 34,220 6,947 $ 27,273 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 55,888 $ 37,406 Long-term investments 0 500 Plant assets, net 102,210 93,125 Total assets $ 158,098 $ 131,331 Liabilities and Equity Current liabilities $ 23,082 $ 19,568 Common stock 64,000 64,000 Other paid-in capital 8,000 8,000 Retained earnings 63,016 39,763 Total liabilities and equity $ 158,098 $ 131,331 $ 50,003 3,340 55, 465 $ 108,808 $ 19,041 46,000 5, 111 38,656 $ 108,808 Required: 1. Complete the below table to calculate each year's current ratio. Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Denominator: Numerator: H1 H 2021 1 / 1 1 1 11 Current ratio furrent ratio 0 to 1 0 to 1 Oto 1 2020 11 2019 11 ! Required information [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 Sales $ 443,916 $ 340,076 Cost of goods sold 267, 237 212,888 Gross profit 176,679 127,188 Selling expenses 63,036 46,930 Administrative expenses 39,952 29,927 Total expenses 102,988 76,857 Income before taxes 73,691 50,331 Income tax expense 13,707 10,318 Net income $ 59,984 $ 40,013 2019 $ 236,000 151,040 84,960 31,152 19,588 50,740 34,220 6,947 $ 27,273 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 55,888 $ 37,406 Long-term investments 0 500 Plant assets, net 102,210 93,425 Total assets $ 158,098 $ 131,331 Liabilities and Equity Current liabilities $ 23,082 $ 19,568 Common stock 64,000 64,000 Other paid-in capital 8,000 8,000 Retained earnings 63,016 39, 763 Total liabilities and equity $ 158,098 131,331 $ 50,003 3,340 55,465 $ 108,808 $ 19,041 46,000 5,111 38,656 $ 108,808 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 Endod December 31, 2021, 2020, and 2019 2021 2020 2019 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net Income % % % B. Required information [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. of 3 2:57:14 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales $ 443,916 $ 340,076 Cost of goods sold 267,237 212,888 Gross profit 176,679 127, 188 Selling expenses 63,036 46,930 Administrative expenses 39,952 29,927 Total expenses 102,988 76,857 Income before taxes 73,691 50,331 Income tax expense 13,707 10,318 Net income $ 59,984 $ 40,013 2019 $ 236,000 151,040 84,960 31, 152 19,588 50,740 34,220 6,947 $ 27, 273 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 55,888 $ 37,406 Long-term investments 0 500 Plant assets, net 102, 210 93,425 Total assets 158,098 $ 131,331 Liabilities and Equity Current liabilities $ 23,082 $ 19,568 Common stock 64,000 64,000 Other paid-in capital 8,000 8,000 Retained earnings 63,016 39,763 Total liabilities and equity $ 158,098 $ 131,331 $ 50,003 3,340 55, 465 $ 108,808 $ 19,041 46,000 5,111 38,656 $ 108,808 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets % % 100.00 % 100.00 100.00 100,00 % % % % 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 100.00 % 100.00 100.00 100.00 % 100.00%
