[The following Information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statenents For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2819 $ 278,000 153,90e 124,100 se,see 22,8e0 73,600 se, se0 15,670 $ 34,830 Sales S 555,000 283, see $ 340,e00 Cost of goods sold Gross profit Selling expenses Administrative expenses 212, 5ee 271, see 102,90e se, 668 153,568 117,932 40, 8ee 127, see 46,920 29,920 76,840 Total expenses Income before taxes Income tax expense se,660 10,370 $ 40,290 Net income S 77,132 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 2019 Assets Current assets $ 52,390 S 37,924 Long-tere investments Plant assets, net 551,748 3,950 6e, 000 100,eee 96,000 Total assets $ 152,390 $114,424 $ 115,698 Liabilities and Equity $ 20, 300 $ 22,800 72,000 9,000 $ 19,960 72,000 Current liabilities Common stock Other paid-in capital Retained earnings 48,590 S 152,390 9,000 33,464 6,e00 29,398 $ 115,698 $ 134,424 Total liabilities and equity Required: .Complete the below table to calculate each year's current ratio. Current Ratio Current ratio Denominator: Numerator: Current ratio Current labilities Current assets 0to 1 2021 0to 1 2020 Oto 1 2019
[The following Information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statenents For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2819 $ 278,000 153,90e 124,100 se,see 22,8e0 73,600 se, se0 15,670 $ 34,830 Sales S 555,000 283, see $ 340,e00 Cost of goods sold Gross profit Selling expenses Administrative expenses 212, 5ee 271, see 102,90e se, 668 153,568 117,932 40, 8ee 127, see 46,920 29,920 76,840 Total expenses Income before taxes Income tax expense se,660 10,370 $ 40,290 Net income S 77,132 KORBIN COMPANY Comparative Balance Sheets December 31, 2021, 2020, and 2019 2021 2020 2019 Assets Current assets $ 52,390 S 37,924 Long-tere investments Plant assets, net 551,748 3,950 6e, 000 100,eee 96,000 Total assets $ 152,390 $114,424 $ 115,698 Liabilities and Equity $ 20, 300 $ 22,800 72,000 9,000 $ 19,960 72,000 Current liabilities Common stock Other paid-in capital Retained earnings 48,590 S 152,390 9,000 33,464 6,e00 29,398 $ 115,698 $ 134,424 Total liabilities and equity Required: .Complete the below table to calculate each year's current ratio. Current Ratio Current ratio Denominator: Numerator: Current ratio Current labilities Current assets 0to 1 2021 0to 1 2020 Oto 1 2019
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:[The following Information applles to the questions displayed below.)
Selected comparative financlal statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2021, 2020, and 2019
2021
2020
Sales
2019
$ 555,000
$ 340,000
212,50e
127, see
46,920
29,920
76,840
se,660
10,370
S 40,290
$ 278,800
Cost of goods sold
Gross profit
Selling expenses
Administrative expenses
Total expenses
283,500
271, see
102,900
5e, 668
153,900
124, 100
5e,8ee
22,800
153,568
73,600
se, se0
15,670
$ 34,830
Income before taxe
117,932
40, 8e0
Income tax expense
Net income
$ 77,132
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2021, 2020, and 2019
2021
2020
2019
Assets
Current assets
$ 52, 390
$ 37,924
S 51,748
Long-term investments
Plant assets, net
500
3,956
100,0ee
96,000
60, 000
Total assets
$ 152,390
$134,424
$ 115,698
Liabilities and Equity
Current liabilities
$ 22, 800
72, 800
9,000
$ 20, 30e
60, e00
6,000
29,398
$ 115, 698
$19,960
72,000
Common stock
Other paid-in capital
Retained earnings
48, 59e
S 152,390
33.464
$134,424
Total liabilities and equity
Requlred:
1. Complete the below table to calculate each year's current ratio
Current Ratio
Current ratio
Denominator:
Numerator:
Current ratio
Current liabilities
Current assets
O to 1
2021
O to 1
2020
O to 1
2019
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education