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[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 $402,722 $308,518 242,439 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 160,283 57,187 36,245 93,432 66,851 12,434 $ 54,417 KORBIN COMPANY Comparative Balance Sheets December 31 2021 194,058 114,460 42,575 27,150 69,725 44,735 9,171 $35,564 2020 $62,930 $42,119 0 600 118,686 108,149 $ 181,616 $150,868 $22,479 64,000 8,000 56,389 2019 $ 214,100 137,024 77,076 28,261 17,770 46,031 31,045 6,302 $24,743 2019 $56,304 4,670 64,020 $124,994 $26,516 64,000 8,000 83,100 $ 181,616 $150,868 $124,994 $21,874 46,000 5,111 52,009

[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales Cost of goods sold Gross profit Selling expenses KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets 2021 2020 $402,722 $308,518 242,439 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 160,283 57,187 36,245 93,432 66,851 12,434 $ 54,417 KORBIN COMPANY Comparative Balance Sheets December 31 2021 194,058 114,460 42,575 27,150 69,725 44,735 9,171 $35,564 2020 $62,930 $42,119 0 600 118,686 108,149 $ 181,616 $150,868 $22,479 64,000 8,000 56,389 2019 $ 214,100 137,024 77,076 28,261 17,770 46,031 31,045 6,302 $24,743 2019 $56,304 4,670 64,020 $124,994 $26,516 64,000 8,000 83,100 $ 181,616 $150,868 $124,994 $21,874 46,000 5,111 52,009

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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[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. 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 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Liabilities and Equity Current liabilities. Common stock 2021 $402,722 242,439 160,283 57,187 36,245 93,432 66,851 12,434 $ 54,417 KORBIN COMPANY Comparative Balance Sheets Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 2020 $308,518 $26,516 64,000 8,000 83,100 $ 181,616 194,058 114,460 42,575 27,150 69,725 44,735 9,171 $ 35,564 2020 $ 42,119 $62,930 0 600 118,686 108,149 $ 181,616 $150,868 $ 22,479 64,000 8,000 56,389 $150,868 2019 $ 214,100 137,024 77,076 28,261 17,770 46,031 31,045 6,302 $ 24,743 2019 $ 56,304 4,670 64,020 $ 124,994 $21,874 46,000 5,111 52,009 $124,994
Transcribed Image Text:[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. 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 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Liabilities and Equity Current liabilities. Common stock 2021 $402,722 242,439 160,283 57,187 36,245 93,432 66,851 12,434 $ 54,417 KORBIN COMPANY Comparative Balance Sheets Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 2020 $308,518 $26,516 64,000 8,000 83,100 $ 181,616 194,058 114,460 42,575 27,150 69,725 44,735 9,171 $ 35,564 2020 $ 42,119 $62,930 0 600 118,686 108,149 $ 181,616 $150,868 $ 22,479 64,000 8,000 56,389 $150,868 2019 $ 214,100 137,024 77,076 28,261 17,770 46,031 31,045 6,302 $ 24,743 2019 $ 56,304 4,670 64,020 $ 124,994 $21,874 46,000 5,111 52,009 $124,994
Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: 1 1 1 1 Current Ratio Denominator: = = 11 11 = II Current ratio Current ratio to 1 to 1 to 1
Transcribed Image Text:Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: 1 1 1 1 Current Ratio Denominator: = = 11 11 = II Current ratio Current ratio to 1 to 1 to 1
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