Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 KORBIN COMPANY 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 2019 2018 $ 556,588 $426,392 $ 295,900 335,066 189,376 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 221,522 79,035 50,093 129, 128 92,394 17,185 $ 75,209 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 96,364 63,533 13,024 $ 50,509 $ 56,434 0 266,495 159,897 58,842 37,522 108,096 $164,530 $ 24,021 71,000 8,875 60,634 $ 164,530 $ 37,772 800 98,103 $ 136,675 $ 20,365 71,000 8,875 36,435 $ 136,675 106,524 39,059 24,560 63,619 42,905 8,710 $ 34,195 2018 $ 50,491 4,410 58,334 $ 113,235 $ 19,816 53,000 5,889 34,530 $ 113,235
Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 KORBIN COMPANY 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 2019 2018 $ 556,588 $426,392 $ 295,900 335,066 189,376 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 221,522 79,035 50,093 129, 128 92,394 17,185 $ 75,209 KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 2019 96,364 63,533 13,024 $ 50,509 $ 56,434 0 266,495 159,897 58,842 37,522 108,096 $164,530 $ 24,021 71,000 8,875 60,634 $ 164,530 $ 37,772 800 98,103 $ 136,675 $ 20,365 71,000 8,875 36,435 $ 136,675 106,524 39,059 24,560 63,619 42,905 8,710 $ 34,195 2018 $ 50,491 4,410 58,334 $ 113,235 $ 19,816 53,000 5,889 34,530 $ 113,235
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
1. Do the current Ration part
2. Please do a common-size comparative income statements for years Ended December 31,2022, 2019, and 2018
3. Do a balance sheet data in Trend Percents for December 31,2020, 2019, and 2018
Thank you
Transcribed Image Text:Selected comparative financial statements of Korbin Company follow.
Comparative Income Statements
For Years Ended December 31, 2020, 2019, and 2018
2020
KORBIN COMPANY
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
2019
2018
$ 556,588 $426,392 $ 295,900
335,066
189,376
Liabilities and Equity
Current liabilities
Common stock
Other paid-in capital
Retained earnings
Total liabilities and equity
221,522
79,035
50,093
129, 128
92,394
17,185
$ 75,209
0"
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2020, 2019, and 2018
2020
2019
96,364
63,533
13,024
$ 50,509
$ 56,434
0
266,495
159,897
58,842
37,522
108,096
$164,530
$ 24,021
71,000
8,875
60,634
$ 164,530
$ 37,772
800
98,103
$ 136,675
$ 20,365
71,000
8,875
36,435
$ 136,675
106,524
39,059
24,560
63,619
42,905
8,710
$ 34,195
2018
$ 50,491
4,410
58,334
$ 113,235
$ 19,816
53,000
5,889
34,530
$ 113,235
Transcribed Image Text:N
Required:
1. Complete the below table to calculate each year's current ratio.
2020
2019
2018
Choose Numerator: 1
1
7
1
Current Ratio
Choose Denominator:
< Prev
II
11
=
11
=
=
=
Current ratio
Current ratio
0 to 1
0 to 1
0 to 1
9
10
11
of 11
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