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Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $ 440,530 $337,482 $234, 200 213,289 124,193 46,573 29,698 76,271 47,922 9,824 265, 199 175, 331 62,555 39,648 102,203 73,128 13,602 149,888 84,312 30,914 19,439 50,353 33,959 6,894 Total expenses Income before taxes Income tax expense $ 59,526 $ 38,098 $ 27,065 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets Long-term investments Plant assets, net $ 62,608 $ 41,904 $ 56,015 3,440 63,655 400 116,271 $178,879 $148,594 $123,110 106,290 Total assets Liabilities and Equity Current liabilities $ 26,116 $ 22,141 $ 21,544|| 68,000 8,500 49,953 $178,879 $148,594 $123, 110 68,000 8,500 76,263 Common stock other paid-in capital Retained earnings 50,000 5,556| 46,010 Total liabilities and equity Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: I Choose Denominator: I Current liabilities Current ratio Current ratio o to 1 o to 1 Current assets 2019 2018 2017 0 to 1

Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses $ 440,530 $337,482 $234, 200 213,289 124,193 46,573 29,698 76,271 47,922 9,824 265, 199 175, 331 62,555 39,648 102,203 73,128 13,602 149,888 84,312 30,914 19,439 50,353 33,959 6,894 Total expenses Income before taxes Income tax expense $ 59,526 $ 38,098 $ 27,065 Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets Long-term investments Plant assets, net $ 62,608 $ 41,904 $ 56,015 3,440 63,655 400 116,271 $178,879 $148,594 $123,110 106,290 Total assets Liabilities and Equity Current liabilities $ 26,116 $ 22,141 $ 21,544|| 68,000 8,500 49,953 $178,879 $148,594 $123, 110 68,000 8,500 76,263 Common stock other paid-in capital Retained earnings 50,000 5,556| 46,010 Total liabilities and equity Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: I Choose Denominator: I Current liabilities Current ratio Current ratio o to 1 o to 1 Current assets 2019 2018 2017 0 to 1

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
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3:17 Done A ezto.mheducation.com AA Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 $440,530 $337,482 $234,200 213,289 124, 193 46,573 29,698 76,271 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes 265, 199 175,331 62,555 39,648 102,203 73,128 149,888 84,312 30,914 19,439 50,353 33,959 6,894 47,922 Income tax expense 13,602 9,824 Net income $ 59,526 $ 38,098 $ 27,065 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets $ 62,608 $ 41,904 $ 56,015 3,440 63,655 Current assets Long-term investments Plant assets, net 400 116,271 106,290 $178,879 $148,594 $123,110 Total assets Liabilities and Equity Current liabilities $ 26,116 $ 22,141 $ 21,544|| 68,000 8,500 76,263 68,000 8,500 49,953 Common stock 50,000 5,556| Other paid-in capital Retained earnings 46,010 Total liabilities and equity $178,879 $148,594 $123,110 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: | Current assets Choose Denominator: Current ratio I Current liabilities Current ratio 0 to 1 o to 1 o to 1 2019 %3D 2018 2017
Transcribed Image Text:3:17 Done A ezto.mheducation.com AA Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 $440,530 $337,482 $234,200 213,289 124, 193 46,573 29,698 76,271 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes 265, 199 175,331 62,555 39,648 102,203 73,128 149,888 84,312 30,914 19,439 50,353 33,959 6,894 47,922 Income tax expense 13,602 9,824 Net income $ 59,526 $ 38,098 $ 27,065 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets $ 62,608 $ 41,904 $ 56,015 3,440 63,655 Current assets Long-term investments Plant assets, net 400 116,271 106,290 $178,879 $148,594 $123,110 Total assets Liabilities and Equity Current liabilities $ 26,116 $ 22,141 $ 21,544|| 68,000 8,500 76,263 68,000 8,500 49,953 Common stock 50,000 5,556| Other paid-in capital Retained earnings 46,010 Total liabilities and equity $178,879 $148,594 $123,110 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: | Current assets Choose Denominator: Current ratio I Current liabilities Current ratio 0 to 1 o to 1 o to 1 2019 %3D 2018 2017
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