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Required: . Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: 1 1 1 / 1 Current Ratio Denominator: 11 11 = 11 Current ratio Current ratio 0 to 1 0 to 1 0 to 1

Required: . Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: 1 1 1 / 1 Current Ratio Denominator: 11 11 = 11 Current ratio Current ratio 0 to 1 0 to 1 0 to 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Required: . Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: 1 1 1 1 1 Current Ratio Denominator: = 11 = 11 11 = 11 = Current ratio Current ratio 0 to 1 0 to 1 0 to 1
Transcribed Image Text:Required: . Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: 1 1 1 1 1 Current Ratio Denominator: = 11 = 11 11 = 11 = Current ratio Current ratio 0 to 1 0 to 1 0 to 1
KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 433,571 $ 332,151 261,010 209,587 172,561 122,564 61,567 45,837 39,021 29,229 100,588 75,066 71,973 47,498 13,387 9,737 $58,586 $ 37,761 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Balance Sheets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities December 31 Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 Current Ratio $ 60,010 0 113,179 $ 173,189 2020 $ 25,286 68,000 8,500 71,403 $ 21,436 68,000 8,500 45,931 $ 173,189 $ 143,867 $ 40,165 400 103,302 $ 143,867 Required: 1. Complete the below table to calculate each year's current ratio. 2019 $ 230,500 147,520 < Prev 82,980 30,426 19,132 49,558 33,422 6,785 $ 26,637 2019 $ 53,691 3,870 61,633 $ 119,194 $ 20,859 50,000 5,556 42,779 $ 119,194 2 of 4 Next *****
Transcribed Image Text:KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 433,571 $ 332,151 261,010 209,587 172,561 122,564 61,567 45,837 39,021 29,229 100,588 75,066 71,973 47,498 13,387 9,737 $58,586 $ 37,761 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Balance Sheets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities December 31 Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 Current Ratio $ 60,010 0 113,179 $ 173,189 2020 $ 25,286 68,000 8,500 71,403 $ 21,436 68,000 8,500 45,931 $ 173,189 $ 143,867 $ 40,165 400 103,302 $ 143,867 Required: 1. Complete the below table to calculate each year's current ratio. 2019 $ 230,500 147,520 < Prev 82,980 30,426 19,132 49,558 33,422 6,785 $ 26,637 2019 $ 53,691 3,870 61,633 $ 119,194 $ 20,859 50,000 5,556 42,779 $ 119,194 2 of 4 Next *****
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