Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $ 440,530 $337,482 $234, 200 213,289 124,193 46,573 29,698 76,271 47,922 9,824 265, 199 175, 331 62,555 39,648 102,203 73,128 13,602 149,888 84,312 30,914 19,439 50,353 33,959 6,894 Total expenses Income before taxes Income tax expense $ 59,526 $ 38,098 $ 27,065 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets Long-term investments Plant assets, net $ 62,608 $ 41,904 $ 56,015 3,440 63,655 400 116,271 $178,879 $148,594 $123,110 106,290 Total assets Liabilities and Equity Current liabilities $ 26,116 $ 22,141 $ 21,544|| 68,000 8,500 49,953 $178,879 $148,594 $123, 110 68,000 8,500 76,263 Common stock other paid-in capital Retained earnings 50,000 5,556| 46,010 Total liabilities and equity Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: I Choose Denominator: I Current liabilities Current ratio Current ratio o to 1 o to 1 Current assets 2019 2018 2017 0 to 1
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $ 440,530 $337,482 $234, 200 213,289 124,193 46,573 29,698 76,271 47,922 9,824 265, 199 175, 331 62,555 39,648 102,203 73,128 13,602 149,888 84,312 30,914 19,439 50,353 33,959 6,894 Total expenses Income before taxes Income tax expense $ 59,526 $ 38,098 $ 27,065 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets Long-term investments Plant assets, net $ 62,608 $ 41,904 $ 56,015 3,440 63,655 400 116,271 $178,879 $148,594 $123,110 106,290 Total assets Liabilities and Equity Current liabilities $ 26,116 $ 22,141 $ 21,544|| 68,000 8,500 49,953 $178,879 $148,594 $123, 110 68,000 8,500 76,263 Common stock other paid-in capital Retained earnings 50,000 5,556| 46,010 Total liabilities and equity Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: I Choose Denominator: I Current liabilities Current ratio Current ratio o to 1 o to 1 Current assets 2019 2018 2017 0 to 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Selected comparative financial statements of Korbin Company
follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2019, 2018, and
2017
2019
2018
2017
$440,530 $337,482 $234,200
213,289
124, 193
46,573
29,698
76,271
Sales
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
Income before taxes
265, 199
175,331
62,555
39,648
102,203
73,128
149,888
84,312
30,914
19,439
50,353
33,959
6,894
47,922
Income tax expense
13,602
9,824
Net income
$ 59,526 $ 38,098 $ 27,065
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
2019
2018
2017
Assets
$ 62,608 $ 41,904 $ 56,015
3,440
63,655
Current assets
Long-term investments
Plant assets, net
400
116,271
106,290
$178,879 $148,594 $123,110
Total assets
Liabilities and Equity
Current liabilities
$ 26,116 $ 22,141 $ 21,544||
68,000
8,500
76,263
68,000
8,500
49,953
Common stock
50,000
5,556|
Other paid-in capital
Retained earnings
46,010
Total liabilities and equity
$178,879 $148,594 $123,110
Required:
1. Complete the below table to calculate each year's current ratio.
Current Ratio
Choose Numerator: |
Current assets
Choose Denominator:
Current ratio
I Current liabilities
Current ratio
0 to 1
o to 1
o to 1
2019
%3D
2018
2017
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