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Required information [The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales $ 448,054 $ 343, 246 Cost of goods sold 269,729 216,931 Gross profit 178,325 126,315 Selling expenses 63,624 47,368 Administrative expenses 40,325 30,206 Total expenses 103,949 77,574 Income before taxes 74,376 48,741 Income tax expense 13,834 9,992 Net income $ 60,542 $ 38,749 2019 $ 238,200 152,448 85,752 31,442 19,771 51,213 34,539 7,011 $ 27,528 2019 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 56,829 $ 38,035 Long-term investments 0 900 Plant assets, net 103,931 94,607 Total assets $ 160,760 $ 133,542 Liabilities and Equity Current liabilities $ 23,471 $ 19,898 Common stock 68,000 68,000 Other paid-in capital 8,500 8,500 Retained earnings 60,789 37,144 Total liabilities and equity $ 160,760 $ 133,542 $ 50,845 4,650 55,145 $ 110,640 $ 19,362 50,000 5,556 35, 722 $ 110, 640 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Denominator: Numerator: 1 11 Current ratio Current ratio = 2021 / 7 1 Il 2020 2019 0 to 1 0 to 1 0 to 1 7 II Saved He Common EOCK Other paid-in capital Retained earnings Total liabilities and equity 68,000 8,500 60,789 $ 160,760 8, VOU 8,500 37,144 $ 133,542 SUVVU 5,556 35, 722 $ 110,640 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.) 2010 % KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Sales % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income bofore taxes Income tax expenso % Net Income % % e Saved Help Total liabilities and equity $ 160,760 $ 133,542 $ 110,640 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.) KORBIN COMPANY Balance Sheet Data In Trend Parcents December 31, 2021, 2020 and 2019 2021 2020 2019 Assets Current assets % 100.00% 100.00 100.00 100.00 % % % % % Long-term investments Plant assets, not Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 % 100.00 100.00 100.00 100.00% % % 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year? Yes No (b) Did income as a percent of sales improve in the most recent year compared to the prior year? Yes (c) Did plant assets grow over this period? Yes No . Drau R of 29 2A Next >

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