Required:1. Complete the below table to calculate each year's current ratio.Current RatioNumerator:Denominator:=Current ratio=Current ratio20211to 120201=to 120191=to 12. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answersdecimal places.)KORBIN COMPANYCommon-Size Comparative Income StatementsFor Years Ended December 31, 2021, 2020, and 2019202120202019Sales%Cost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome tax expenseNet income11% Selected comparative financial statements of Korbin Company follow.KORBIN COMPANYComparative Income StatementsFor Years Ended December 312021Sales$ 562,7952019$ 299,200338,803Cost of goods soldGross profit191,488223,992107,712Selling expenses79,91739,494Administrative expenses50,65224,834Total expenses130,56964,328Income before taxes93,42343,384Income tax expense17,3778,807Net income$ 76,046$ 34,577KORBIN COMPANYComparative Balance SheetsDecember 3120212020AssetsCurrent assets$ 38,127$ 56,9650Long-term investments70097,740Plant assets, netTotal assets107,436$164,401$ 136,567Liabilities and EquityCurrent liabilities$ 20,348Common stock68,000$ 24,00368,0008,50063,898Other paid-in capital8,500Retained earnings39,719Total liabilities and equity$164,401 $ 136,5672020$431,147273,778157,36959,49837,94197,43959,93012,286$ 47,6442019$ 50,9674,55057,629$ 113,146$ 19,80150,0005,55637,789$113,1464

Name: Required:1. Complete the below table to calculate each year's current
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Description: Required:1. Complete the below table to calculate each year's current ratio.Current RatioNumerator:Denominator:=Current ratio=Current ratio20211to 120201=to 120191=to 12. Complete the below table to calculate income statement data in common-size per

Current ratio is an accounting ratio used to express the current assets in relation to the current…

Business

Accounting

Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Numerator: 1 Denominator: Current ratio W Current ratio 2021 to 1 2020 to 1 2019 1 = to 1 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended 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 1 1 1

Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Numerator: 1 Denominator: Current ratio W Current ratio 2021 to 1 2020 to 1 2019 1 = to 1 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended 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 1 1 1

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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