KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 316,588 2019 $...

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KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 316,588 2019 $ 219,700 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income $ 413,256 248,780 199,450 140,608 164,476 117,138 79,092 58,682 43,689 29,000 37,193 27,860 18,235 95,875 71,549 47,235 68,601 45,589 31,857 12,760 9,346 6,467 $ 55,841 $ 36,243 $ 25,390 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Common stock 2021 0 $ 55,533 104,736 $ 160,269 $ 23,399 64,000 8,000 64,870 2020 $ 37,169 700 95,266 $ 133,135 $ 19,837 64,000 8,000 41,298 Current liabilities Other paid-in capital Retained earnings Total liabilities and equity $ 160,269 $ 133,135 2019 $ 49,686 3,970 56,646 $ 110,302 $ 19,303 46,000 5,111 39,888 $ 110,302 Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Current Ratio Numerator: Denominator: 1 11 Current ratio Current ratio = to 1 = 11 to 1 to 1 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 316,588 2019 $ 219,700 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income $ 413,256 248,780 199,450 140,608 164,476 117,138 79,092 58,682 43,689 29,000 37,193 27,860 18,235 95,875 71,549 47,235 68,601 45,589 31,857 12,760 9,346 6,467 $ 55,841 $ 36,243 $ 25,390 KORBIN COMPANY Comparative Balance Sheets December 31 Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Common stock 2021 0 $ 55,533 104,736 $ 160,269 $ 23,399 64,000 8,000 64,870 2020 $ 37,169 700 95,266 $ 133,135 $ 19,837 64,000 8,000 41,298 Current liabilities Other paid-in capital Retained earnings Total liabilities and equity $ 160,269 $ 133,135 2019 $ 49,686 3,970 56,646 $ 110,302 $ 19,303 46,000 5,111 39,888 $ 110,302 Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Current Ratio Numerator: Denominator: 1 11 Current ratio Current ratio = to 1 = 11 to 1 to 1

Answer rating: 100% (QA)

To calculate the current ratio for Korbin Company for the years 2021 2020 and 2019 we need to divide ... View the full answer