Problem $17-2$A $($Algo$)$ Ratios, common$-$size statements, and trend percents LO P$1,$ P$2,$ P$3$oblem $17-2$A $($Algo$)$ Part $1$

quired:

Complete the below table to calculate each year's current ratio.

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Selected comparative financial statements of Korbin Company follow.

KORBIN COMPANY

Comparative Income Statements

For Years Ended December $31$

$202120202019$

Sales $ $519,156$ $ $397,716$ $ $276,000$

Cost of goods sold $312,532250,163176,640$

Gross profit $206,624147,55399,360$

Selling expenses $73,72054,88536,432$

Administrative expenses $46,72434,99922,908$

Total expenses $120,44489,88459,340$

Income before taxes $86,18057,66940,020$

Income tax expense $16,02911,8228,124$

Net income $ $70,151$ $ $45,847$ $ $31,896$

KORBIN COMPANY

Comparative Balance Sheets

December $31$

$202120202019$

Assets

Current assets $ $62,998$ $ $42,165$ $ $56,364$

Long$-$term investments $05003,320$

Plant assets, net $113,467103,92461,765$

Total assets $ $176,465$ $ $146,589$ $ $121,449$

Liabilities and Equity

Current liabilities $ $25,764$ $ $21,842$ $ $21,254$

Common stock $64,00064,00046,000$

Other paid$-$in capital $8,0008,0005,111$

Retained earnings $78,70152,74749,084$

Total liabilities and equity $ $176,465$ $ $146,589$ $ $121,449$

Problem $17-2$A $($Algo$)$ Part $1$

Required:

$1.$ Complete the below table to calculate each year's current ratio.