Selected comparative financial statements of Korbin Company follow. Required 1. Compute each years current ratio. Round ratios

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Selected comparative financial statements of Korbin Company follow.


Required

1. Compute each year’s current ratio. Round ratios to one decimal.

2. Express the income statement data in common-size percents. Round percents to two decimals.

3. Express the balance sheet data in trend percents with 2018 as base year. Round percents to two decimals. Analysis Component

4. Refer to the results from parts 1, 2, and 3. 

(a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? 

(b) Did income as a percent of sales improve in the most recent year compared to the prior year? 

(c) Did plant assets grow over this period?

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