Required information Problem 13-2A (Algo) Ratios, common-size statements, and trend percents LO P1, P2, P3 [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. Sales KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 458,964 $ 351,604 2019 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes. Income tax expense Net income $ 244,000 276,296 222,214 156,160 182,668 129,390 87,840 65,173 48,521 32,208 41,307 30,941 20,252 106,480 79,462 52,460 76,188 49,928 35,380 14,171 10,235 7,182 $ 62,017 $ 39,693 $ 28,198 KORBIN COMPANY Comparative Balance Sheets Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings December 31 2021 $ 60,563 0 Total liabilities and equity 110,762 $171,325 $ 25,013 72,000 9,000 65,312 $171,325 2020 $ 40,535 600 101,184 $ 142,319 $ 21,206 72,000 9,000 40,113 $ 142,319 2019 $ 54,186 3,740) 59,985 $ 117,911 $ 20,634 54,000 6,000 37,277 $117,911 Problem 13-2A (Algo) Part 1 Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Current Ratio Numerator: 1 Denominator: = Current ratio 1 = Current ratio = 0 to 1 = 0 to 1 = 0 to 1 Problem 13-2A (Algo) Part 2 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) Sales KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 2021 % 2020 2019 % % % Problem 13-2A (Algo) Part 3 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.) Assets Current assets KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2021, 2020 and 2019 2021 % 2020 2019 20 % 100.00 % 100.00 100.00 % 100.00 % Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities % % 25 Common stock Other paid-in capital Retained earnings Total liabilities and equity % % 100.00 % 100.00 100.00 100.00 100,00 %