Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. 2021 2020 2019 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 Income Statements For Years Ended December 31 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Numerator: KORBIN COMPANY Comparative Balance Sheets Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 2020 $ 445,985 $ 341,661 268,483 216,271 125,390 47,149 30,066 1 1 1 177,502 63,330 40,139 103,469 74,033 13,770 $ 60,263 1 1 December 31 2021 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio 77,215 48,175 9,876 $ 38,299 $58,445 $ 39,117 1,100 99,898 110,227 $ 168,672 $ 140,115 0 Denominator: 2020 = $ 20,877 $ 20,315 $ 24,626 70,000 8,750 70,000 52,000 8,750 5,778 65,296 40,488 37,992 $ 168,672 $ 140,115 $ 116,085 = 2019 $ 237,100 151,744 85,356 31,297 19,679 50,976 34,380 6,979 $ 27,401 = 2019 $ 52,290 3,880 59,915 $ 116,085 Current ratio Current ratio 0 to 1 0 to 1 0 to 1
Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. 2021 2020 2019 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 Income Statements For Years Ended December 31 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Numerator: KORBIN COMPANY Comparative Balance Sheets Common stock Other paid-in capital Retained earnings Total liabilities and equity 2021 2020 $ 445,985 $ 341,661 268,483 216,271 125,390 47,149 30,066 1 1 1 177,502 63,330 40,139 103,469 74,033 13,770 $ 60,263 1 1 December 31 2021 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio 77,215 48,175 9,876 $ 38,299 $58,445 $ 39,117 1,100 99,898 110,227 $ 168,672 $ 140,115 0 Denominator: 2020 = $ 20,877 $ 20,315 $ 24,626 70,000 8,750 70,000 52,000 8,750 5,778 65,296 40,488 37,992 $ 168,672 $ 140,115 $ 116,085 = 2019 $ 237,100 151,744 85,356 31,297 19,679 50,976 34,380 6,979 $ 27,401 = 2019 $ 52,290 3,880 59,915 $ 116,085 Current ratio Current ratio 0 to 1 0 to 1 0 to 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Required information
[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
Numerator:
2021
2020
$ 445,985 $ 341,661
268,483
216,271
125,390
47,149
30,066
77,215
48,175
9,876
$ 38,299
KORBIN COMPANY
Comparative Balance Sheets
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings.
Total liabilities and equity
177,502
63,330
40,139
103,469
74,033
13,770
$ 60,263
1
1
1
1
December 31
2021
Current Ratio
$58,445
110,227
$ 168,672
Required:
1. Complete the below table to calculate each year's current ratio.
0
Denominator:
$ 39,117
1,100
99,898
$ 140,115
$ 24,626
70,000
8,750
65,296
$ 20,877
70,000
8,750
40,488
$ 168,672 $ 140,115
=
=
2020
=
=
2019
$ 237,100
151,744
85,356
31,297
19,679
50,976
=
34,380
6,979
$ 27,401
2019
$ 52,290
3,880
59,915
$ 116,085
$ 20,315
52,000
5,778
37,992
$ 116,085
Current ratio
Current ratio
0 to 1
0 to 1
0 to 1](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4c31f947-5848-48a2-943b-5d3c9bff6f43%2Fe56d7293-dacc-499e-91be-e16d6c014b2a%2Fv94g3t_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[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
Numerator:
2021
2020
$ 445,985 $ 341,661
268,483
216,271
125,390
47,149
30,066
77,215
48,175
9,876
$ 38,299
KORBIN COMPANY
Comparative Balance Sheets
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings.
Total liabilities and equity
177,502
63,330
40,139
103,469
74,033
13,770
$ 60,263
1
1
1
1
December 31
2021
Current Ratio
$58,445
110,227
$ 168,672
Required:
1. Complete the below table to calculate each year's current ratio.
0
Denominator:
$ 39,117
1,100
99,898
$ 140,115
$ 24,626
70,000
8,750
65,296
$ 20,877
70,000
8,750
40,488
$ 168,672 $ 140,115
=
=
2020
=
=
2019
$ 237,100
151,744
85,356
31,297
19,679
50,976
=
34,380
6,979
$ 27,401
2019
$ 52,290
3,880
59,915
$ 116,085
$ 20,315
52,000
5,778
37,992
$ 116,085
Current ratio
Current ratio
0 to 1
0 to 1
0 to 1
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