Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended...
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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 2021 $ 555,836 334,613 Common stock Other paid-in capital Retained earnings Total liabilities and equity KORBIN COMPANY Comparative Balance Sheets December 31 2020 $425,816 267,838 221,223 157,978 78,929 58,763 50,025 37,472 128,954 96,235 92,269 61,743 17,162 12,657 $ 75,107 $ 49,086 2021 $ 56,123 0 104,229 $ 160,352 $ 23,411 69,000 8,625 59,316 $ 160,352 2020 $ 37,563 1,100 94,540 $ 133,203 $ 19,847 69,000 8,625 35,731 $ 133,203 2019 $295,500 189,120 106,380 39,006 24,527 63,533 42,847 8,698 $34,149 2019 $50,213 3,970 56,176 $ 110,359 $19,313 51,000 5,667 34,379 $ 110,359 Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: Current Ratio Denominator: 11 11 = 11 = = Current ratio Current ratio to 1 to 1 to 1 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities 2021 $ 555,836 334,613 Common stock Other paid-in capital Retained earnings Total liabilities and equity KORBIN COMPANY Comparative Balance Sheets December 31 2020 $425,816 267,838 221,223 157,978 78,929 58,763 50,025 37,472 128,954 96,235 92,269 61,743 17,162 12,657 $ 75,107 $ 49,086 2021 $ 56,123 0 104,229 $ 160,352 $ 23,411 69,000 8,625 59,316 $ 160,352 2020 $ 37,563 1,100 94,540 $ 133,203 $ 19,847 69,000 8,625 35,731 $ 133,203 2019 $295,500 189,120 106,380 39,006 24,527 63,533 42,847 8,698 $34,149 2019 $50,213 3,970 56,176 $ 110,359 $19,313 51,000 5,667 34,379 $ 110,359 Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: Current Ratio Denominator: 11 11 = 11 = = Current ratio Current ratio to 1 to 1 to 1
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