Problem 17-2A (Algo) Ratlos, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses 2021 2020 2019 KORBIN COMPANY Comparative Income statements For Years Ended December 31 2021 $ 546,242 328,838 217,404 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 Problem 17-2A (Algo) Part 1 Numerator: 77,566 49,162 1 1 1 1 1 KORBIN COMPANY Comparative Balance Sheets 126,728 90,676 16,866 $ 73,810 $ 49,570 December 31 2020 $ 418,466 261,541 2021 Current Ratio $ 62,203 e 156,925 57,748 36,825 94,573 62,352 12,782 117,315 $ 179,518 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: 2020 $ 41,633 900 106,592 $ 149,125 $ 26,210 67,000 $ 22,220 67,000 8,375 51,530 8,375 77,933 $ 179,518 $ 149,125 = = 2019 $ 290,400 185,856 = 42,108 8,548 $ 33,560 104,544 38,333 24,103 62,436 2019 $ 55,653 4,350 63,547 $ 123,550 $ 21,621 49,000 5,444 47,485 $ 123,550 Current ratio Current ratio to 1 to 1 to 1
Problem 17-2A (Algo) Ratlos, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses 2021 2020 2019 KORBIN COMPANY Comparative Income statements For Years Ended December 31 2021 $ 546,242 328,838 217,404 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 Problem 17-2A (Algo) Part 1 Numerator: 77,566 49,162 1 1 1 1 1 KORBIN COMPANY Comparative Balance Sheets 126,728 90,676 16,866 $ 73,810 $ 49,570 December 31 2020 $ 418,466 261,541 2021 Current Ratio $ 62,203 e 156,925 57,748 36,825 94,573 62,352 12,782 117,315 $ 179,518 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: 2020 $ 41,633 900 106,592 $ 149,125 $ 26,210 67,000 $ 22,220 67,000 8,375 51,530 8,375 77,933 $ 179,518 $ 149,125 = = 2019 $ 290,400 185,856 = 42,108 8,548 $ 33,560 104,544 38,333 24,103 62,436 2019 $ 55,653 4,350 63,547 $ 123,550 $ 21,621 49,000 5,444 47,485 $ 123,550 Current ratio Current ratio to 1 to 1 to 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Abhaliya
![Requirea information
Problem 17-2A (Algo) Ratlos, common-size statements, and trend percents LO P1, P2, P3
[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
2021
2020
2019
KORBIN COMPANY
Comparative Income statements
For Years Ended December 31
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
Numerator:
2021
$ 546,242
328,838
217,484
I
I
1
I
77,566
49,162
126,728
90,676
16,866
$ 73,810
KORBIN COMPANY
Comparative Balance Sheets
December 31
2821
Current Ratio
2020
$ 418,466
261,541
156,925
57,748
36,825
94,573
62,352
12,782
$ 49,570
$ 62,203
8
117,315
$ 179,518
Problem 17-2A (Algo) Part 1
Required:
1. Complete the below table to calculate each year's current ratio.
Denominator:
$ 41,633
980
106,592
$ 149, 125
2020
$ 26,210
67,000
8,375
77,933
$ 179,518 $ 149, 125
=
=
2019
$ 290,400
185,856
=
$ 22,220
67,000
8,375
51,530
104,544
38,333
24,103
62,436
42,108
8,548
$ 33,560
2019
$ 55,653
4,350
63,547
$ 123,550
$ 21,621
49,000
5,444
47,485
$ 123,550
Current ratio
Current ratio
to 1
to 1
to 1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F45698f22-de23-435c-95ed-1fbb39ae1894%2Faeaed2ae-6c95-40fd-8a52-4b2bee051823%2Fg2s6rm5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Requirea information
Problem 17-2A (Algo) Ratlos, common-size statements, and trend percents LO P1, P2, P3
[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
2021
2020
2019
KORBIN COMPANY
Comparative Income statements
For Years Ended December 31
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
Numerator:
2021
$ 546,242
328,838
217,484
I
I
1
I
77,566
49,162
126,728
90,676
16,866
$ 73,810
KORBIN COMPANY
Comparative Balance Sheets
December 31
2821
Current Ratio
2020
$ 418,466
261,541
156,925
57,748
36,825
94,573
62,352
12,782
$ 49,570
$ 62,203
8
117,315
$ 179,518
Problem 17-2A (Algo) Part 1
Required:
1. Complete the below table to calculate each year's current ratio.
Denominator:
$ 41,633
980
106,592
$ 149, 125
2020
$ 26,210
67,000
8,375
77,933
$ 179,518 $ 149, 125
=
=
2019
$ 290,400
185,856
=
$ 22,220
67,000
8,375
51,530
104,544
38,333
24,103
62,436
42,108
8,548
$ 33,560
2019
$ 55,653
4,350
63,547
$ 123,550
$ 21,621
49,000
5,444
47,485
$ 123,550
Current ratio
Current ratio
to 1
to 1
to 1
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education