FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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[The following information applies to the questions displayed below.]
Selected comparative financial statements of Korbin Company follow.
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
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
Liabilities and Equity
Current liabilities.
Common stock
2021
$402,722
242,439
160,283
57,187
36,245
93,432
66,851
12,434
$ 54,417
KORBIN COMPANY
Comparative Balance Sheets
Other paid-in capital
Retained earnings
Total liabilities and equity
December 31
2021
2020
$308,518
$26,516
64,000
8,000
83,100
$ 181,616
194,058
114,460
42,575
27,150
69,725
44,735
9,171
$ 35,564
2020
$ 42,119
$62,930
0
600
118,686
108,149
$ 181,616 $150,868
$ 22,479
64,000
8,000
56,389
$150,868
2019
$ 214,100
137,024
77,076
28,261
17,770
46,031
31,045
6,302
$ 24,743
2019
$ 56,304
4,670
64,020
$ 124,994
$21,874
46,000
5,111
52,009
$124,994
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Transcribed Image Text:[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. 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 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Liabilities and Equity Current liabilities. Common stock 2021 $402,722 242,439 160,283 57,187 36,245 93,432 66,851 12,434 $ 54,417 KORBIN COMPANY Comparative Balance Sheets Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 2020 $308,518 $26,516 64,000 8,000 83,100 $ 181,616 194,058 114,460 42,575 27,150 69,725 44,735 9,171 $ 35,564 2020 $ 42,119 $62,930 0 600 118,686 108,149 $ 181,616 $150,868 $ 22,479 64,000 8,000 56,389 $150,868 2019 $ 214,100 137,024 77,076 28,261 17,770 46,031 31,045 6,302 $ 24,743 2019 $ 56,304 4,670 64,020 $ 124,994 $21,874 46,000 5,111 52,009 $124,994
Required:
1. Complete the below table to calculate each year's current ratio.
2021
2020
2019
Numerator:
1
1
1
1
Current Ratio
Denominator:
=
=
11
11
=
II
Current ratio
Current ratio
to 1
to 1
to 1
expand button
Transcribed Image Text:Required: 1. Complete the below table to calculate each year's current ratio. 2021 2020 2019 Numerator: 1 1 1 1 Current Ratio Denominator: = = 11 11 = II Current ratio Current ratio to 1 to 1 to 1
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