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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: Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings. Total liabilities and equity 2021 2020 $ 465,359 $ 356,503 280,146 224,597 KORBIN COMPANY Comparative Balance Sheets 185,213 66,081 41,882 107,963 77,250 14,369 $ 62,881 1 1 1 1 1 December 31 2021 Current Ratio 131,906 49,197 31,372 80,569 51,337 10,524 $ 40,813 $ 62,468 0 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: $ 41,810 700 107,251 117,816 $ 180,284 $ 149,761 $ 26,321 64,000 8,000 81,963 $ 180,284 $ 149,761 = = = 2020 = II 2019 $ 247,400 158,336 89,064 32,657 20,534 53,191 35,873 7,282 $ 28,591 = $ 22,314 64,000 8,000 55,447 2019 $ 55,890 3,310 64,877 $ 124,077 $ 21,713 46,000 5,111 51,253 $ 124,077 Current ratio Current ratio to 1 to 1 to 1

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: Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings. Total liabilities and equity 2021 2020 $ 465,359 $ 356,503 280,146 224,597 KORBIN COMPANY Comparative Balance Sheets 185,213 66,081 41,882 107,963 77,250 14,369 $ 62,881 1 1 1 1 1 December 31 2021 Current Ratio 131,906 49,197 31,372 80,569 51,337 10,524 $ 40,813 $ 62,468 0 Required: 1. Complete the below table to calculate each year's current ratio. Denominator: $ 41,810 700 107,251 117,816 $ 180,284 $ 149,761 $ 26,321 64,000 8,000 81,963 $ 180,284 $ 149,761 = = = 2020 = II 2019 $ 247,400 158,336 89,064 32,657 20,534 53,191 35,873 7,282 $ 28,591 = $ 22,314 64,000 8,000 55,447 2019 $ 55,890 3,310 64,877 $ 124,077 $ 21,713 46,000 5,111 51,253 $ 124,077 Current ratio Current ratio to 1 to 1 to 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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## Selected Comparative Financial Statements of Korbin Company ### Korbin Company **Comparative Income Statements** *For Years Ended December 31* | | 2021 | 2020 | 2019 | |---------------|------------|------------|------------| | Sales | $465,359 | $356,503 | $247,400 | | Cost of goods sold | 280,146 | 224,597 | 158,336 | | **Gross profit** | 185,213 | 131,906 | 89,064 | | Selling expenses | 66,081 | 49,197 | 32,657 | | Administrative expenses | 41,882 | 31,372 | 20,534 | | **Total expenses** | 107,963 | 80,569 | 53,191 | | **Income before taxes** | 77,250 | 51,337 | 35,873 | | Income tax expense | 14,369 | 10,524 | 7,282 | | **Net income** | $62,881 | $40,813 | $28,591 | ### Korbin Company **Comparative Balance Sheets** *December 31* **Assets** | | 2021 | 2020 | 2019 | |--------------------------|-----------|-----------|-----------| | Current assets | $62,468 | $41,810 | $55,890 | | Long-term investments | 0 | 700 | 3,310 | | Plant assets, net | 117,816 | 107,251 | 64,877 | | **Total assets** | $180,284 | $149,761 | $124,077 | **Liabilities and Equity** | | 2021 | 2020 | 2019 | |--------------------------|-----------|-----------|-----------| | Current liabilities | $26,321 | $22,314 | $21,713 | | Common stock | 64,000 | 64,000 | 46,000 | | Other paid-in capital |
Transcribed Image Text:## Selected Comparative Financial Statements of Korbin Company ### Korbin Company **Comparative Income Statements** *For Years Ended December 31* | | 2021 | 2020 | 2019 | |---------------|------------|------------|------------| | Sales | $465,359 | $356,503 | $247,400 | | Cost of goods sold | 280,146 | 224,597 | 158,336 | | **Gross profit** | 185,213 | 131,906 | 89,064 | | Selling expenses | 66,081 | 49,197 | 32,657 | | Administrative expenses | 41,882 | 31,372 | 20,534 | | **Total expenses** | 107,963 | 80,569 | 53,191 | | **Income before taxes** | 77,250 | 51,337 | 35,873 | | Income tax expense | 14,369 | 10,524 | 7,282 | | **Net income** | $62,881 | $40,813 | $28,591 | ### Korbin Company **Comparative Balance Sheets** *December 31* **Assets** | | 2021 | 2020 | 2019 | |--------------------------|-----------|-----------|-----------| | Current assets | $62,468 | $41,810 | $55,890 | | Long-term investments | 0 | 700 | 3,310 | | Plant assets, net | 117,816 | 107,251 | 64,877 | | **Total assets** | $180,284 | $149,761 | $124,077 | **Liabilities and Equity** | | 2021 | 2020 | 2019 | |--------------------------|-----------|-----------|-----------| | Current liabilities | $26,321 | $22,314 | $21,713 | | Common stock | 64,000 | 64,000 | 46,000 | | Other paid-in capital |
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