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Part 1 of 4 Required information The following information applies to the questions displayed below. Selected comparative financial statements of Korbin Company follow. 25 points 8 045206 Skipped KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 437,333 $ 335,033 $ 232,500 Cost of goods sold 263, 274 212,411 148,800 Gross profit 174,959 122,622 83,780 Selling expenses 62, 101 46,235 30,690 Administrative expenses 39,36 29,483 19,298 Total expenses 101,461 75,718 49,988 Income before taxes 72,598 46,984 33,712 Income tax expense 13,503 9,615 6,844 Net income $ 59,095 $ 37,289 $ 26,868 eBook Print o 2018 2017 References KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 Assets Current assets $ 56,723 Long-term investments @ Plant assets, net 103,738 Total assets $ 168,461 Liabilities and Equity Current liabilities $ 23,427 Common stock 65,800 Other paid-in capital 8,125 Retained earnings 63,909 Total liabilities and equity $ 160,461 $ 37,965 800 94.529 $ 133,294 $ 50,750 3,160 56 524 $ 119,434 $ 195861 65,000 8,125 40 308 $ 133,294 $ 19, 326 47,600 5,222 38,886 $ 110,434 52:59 Current liabilities Common stock other paid-in capital Retained earnings Total liabilities and equity 23,427 65,000 8,125 63,909 $ 160,461 $ 19,861 65,000 8,125 40, 308 $ 133,294 $ 19,3 47 52 38,8 $ 110 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Denominator: Choose Numerator: 1 es Current ratio Current ratio = 1 1 2019 11 2018 = = 0 to 1 0 to 1 0 to 1 2017

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