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[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 51,166 33,964 32,628 21,356 83,794 55,320 52,649 37,308 10,793 7,574 $ 29,734 Numerator: Common stock Other paid-in capital Retained earnings Total liabilities and equity 68,725 43,558 112,283 80,341 14,943 $ 65,398 $ 41,856 1 1 1 I I December 31 2021 $ 57,843 0 Current Ratio 105,787 $ 163,630 $ 23,890 66,000 Required: 1. Complete the below table to calculate each year's current ratio. $ 38,714 900 96,312 $ 135,926 Denominator: $ 20,253 $ 19,708 66,000 48,000 8,250 8,250 5,333 65,490 41,423 39,574 $ 163,630 $ 135,926 $ 112,615 = = 2020 = = 2019 = $ 51,752 4,660 56,203 $ 112,615 Current ratio Current ratio to 1 to 1 to 1

[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 51,166 33,964 32,628 21,356 83,794 55,320 52,649 37,308 10,793 7,574 $ 29,734 Numerator: Common stock Other paid-in capital Retained earnings Total liabilities and equity 68,725 43,558 112,283 80,341 14,943 $ 65,398 $ 41,856 1 1 1 I I December 31 2021 $ 57,843 0 Current Ratio 105,787 $ 163,630 $ 23,890 66,000 Required: 1. Complete the below table to calculate each year's current ratio. $ 38,714 900 96,312 $ 135,926 Denominator: $ 20,253 $ 19,708 66,000 48,000 8,250 8,250 5,333 65,490 41,423 39,574 $ 163,630 $ 135,926 $ 112,615 = = 2020 = = 2019 = $ 51,752 4,660 56,203 $ 112,615 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
Section: Chapter Questions
Problem 1Q
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**Financial Statements of Korbin Company:** The following section presents the selected comparative financial statements of Korbin Company, which will assist in analyzing the company’s financial performance over the past three years. **Korbin Company: Comparative Income Statements for Years Ended December 31** | Item | 2021 ($) | 2020 ($) | 2019 ($) | |-------------------------|------------|------------|------------| | Sales | 483,981 | 370,769 | 257,300 | | Cost of goods sold | 291,357 | 234,326 | 164,672 | | Gross profit | 192,624 | 136,443 | 92,628 | | Selling expenses | 68,725 | 51,166 | 33,964 | | Administrative expenses | 43,558 | 32,628 | 21,356 | | Total expenses | 112,283 | 83,794 | 55,320 | | Income before taxes | 80,341 | 52,649 | 37,308 | | Income tax expense | 14,943 | 10,793 | 7,574 | | Net income | 65,398 | 41,856 | 29,734 | **Korbin Company: Comparative Balance Sheets December 31** | Item | 2021 ($) | 2020 ($) | 2019 ($) | |----------------------------|-----------|-----------|-----------| | **Assets** | | | | | Current assets | 57,843 | 38,714 | 51,752 | | Long-term investments | 0 | 0 | 4,660 | | Plant assets, net | 105,787 | 96,312 | 56,203 | | **Total assets** | 163,630 | 135,926 | 112,615 | | **Liabilities and Equity** | | | | | Current liabilities | 23,890 | 20,253 | 19,781 | | Common stock | 66,000 |
Transcribed Image Text:**Financial Statements of Korbin Company:** The following section presents the selected comparative financial statements of Korbin Company, which will assist in analyzing the company’s financial performance over the past three years. **Korbin Company: Comparative Income Statements for Years Ended December 31** | Item | 2021 ($) | 2020 ($) | 2019 ($) | |-------------------------|------------|------------|------------| | Sales | 483,981 | 370,769 | 257,300 | | Cost of goods sold | 291,357 | 234,326 | 164,672 | | Gross profit | 192,624 | 136,443 | 92,628 | | Selling expenses | 68,725 | 51,166 | 33,964 | | Administrative expenses | 43,558 | 32,628 | 21,356 | | Total expenses | 112,283 | 83,794 | 55,320 | | Income before taxes | 80,341 | 52,649 | 37,308 | | Income tax expense | 14,943 | 10,793 | 7,574 | | Net income | 65,398 | 41,856 | 29,734 | **Korbin Company: Comparative Balance Sheets December 31** | Item | 2021 ($) | 2020 ($) | 2019 ($) | |----------------------------|-----------|-----------|-----------| | **Assets** | | | | | Current assets | 57,843 | 38,714 | 51,752 | | Long-term investments | 0 | 0 | 4,660 | | Plant assets, net | 105,787 | 96,312 | 56,203 | | **Total assets** | 163,630 | 135,926 | 112,615 | | **Liabilities and Equity** | | | | | Current liabilities | 23,890 | 20,253 | 19,781 | | Common stock | 66,000 |
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