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[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, 2019, 2018, and 2017 2019 $ 550,381 331,329 2018 2017 Sales $ 421,637 $ 292,600 Cost of goods sold Gross profit 266,053 187,264 219,052 78,154 49,534 155,584 58,186 37104 105,336 Selling expenses Administrative expenses 38,623 24,286 Total expenses 127,688 95,290 62,909 Income before taxes 91,364 60,294 42,427 Income tax expense 16,994 12.360 8,613 Net income $ 74,370 $ 47,934 %24 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets 2$ 61,979 55,453 4,440 24 41,483 $ Long-term investments Plant assets, net 600 111,633 102,135 59,592 Total assets $ 173,612 24 144,218 $119,485 Liabilities and Equity Current liabilities 2$ 64,000 8,000 25,347 24 64,000 8,000 50,730 21,488 20,910 46,000 5,111 47,464 Common stock Other paid-in capital Retained earnings 76,265 Total liabilities and equity %24 173,612 %24 144,218 $ 119,485 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: Choose Denominator: Current ratio %3D Current ratio %3D 2019 0 to 1 %3D 2018 0 to 1 %3D 2017 0 to 1 %3D

[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, 2019, 2018, and 2017 2019 $ 550,381 331,329 2018 2017 Sales $ 421,637 $ 292,600 Cost of goods sold Gross profit 266,053 187,264 219,052 78,154 49,534 155,584 58,186 37104 105,336 Selling expenses Administrative expenses 38,623 24,286 Total expenses 127,688 95,290 62,909 Income before taxes 91,364 60,294 42,427 Income tax expense 16,994 12.360 8,613 Net income $ 74,370 $ 47,934 %24 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets 2$ 61,979 55,453 4,440 24 41,483 $ Long-term investments Plant assets, net 600 111,633 102,135 59,592 Total assets $ 173,612 24 144,218 $119,485 Liabilities and Equity Current liabilities 2$ 64,000 8,000 25,347 24 64,000 8,000 50,730 21,488 20,910 46,000 5,111 47,464 Common stock Other paid-in capital Retained earnings 76,265 Total liabilities and equity %24 173,612 %24 144,218 $ 119,485 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: Choose Denominator: Current ratio %3D Current ratio %3D 2019 0 to 1 %3D 2018 0 to 1 %3D 2017 0 to 1 %3D

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...
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[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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 550,381 $ 421,637 $ 292,600 Cost of goods sold Gross profit 331,329 266,053 187,264 219,052 78,154 105,336 38,623 24,286 155,584 Selling expenses Administrative expenses 58,186 49,534 37,104 Total expenses 127,688 95,290 62,909 Income before taxes Income tax expense 91,364 16,994 60,294 42,427 8,613 12,360 Net income $4 74,370 47,934 24 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets 2$ 61,979 24 41,483 24 55,453 Long-term investments Plant assets, net 600 4,440 111,633 102,135 59,592 Total assets 24 173,612 24 144,218 $ 119,485 Liabilities and Equity Current liabilities $ 25,347 24 21,488 24 64,000 20,910 Common stock 64,000 Other paid-in capital Retained earnings 8,000 76,265 46,000 5,111 47,464 8,000 50,730 Total liabilities and equity 2$ 173,612 $ 144,218 24 119,485 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: Choose Denominator: Current ratio %3D Current ratio %3D 2019 0 to 1 %3D 2018 0 to 1 %3D 2017 0 to 1 %3D
Transcribed Image Text:[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, 2019, 2018, and 2017 2019 2018 2017 Sales $ 550,381 $ 421,637 $ 292,600 Cost of goods sold Gross profit 331,329 266,053 187,264 219,052 78,154 105,336 38,623 24,286 155,584 Selling expenses Administrative expenses 58,186 49,534 37,104 Total expenses 127,688 95,290 62,909 Income before taxes Income tax expense 91,364 16,994 60,294 42,427 8,613 12,360 Net income $4 74,370 47,934 24 33,814 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets 2$ 61,979 24 41,483 24 55,453 Long-term investments Plant assets, net 600 4,440 111,633 102,135 59,592 Total assets 24 173,612 24 144,218 $ 119,485 Liabilities and Equity Current liabilities $ 25,347 24 21,488 24 64,000 20,910 Common stock 64,000 Other paid-in capital Retained earnings 8,000 76,265 46,000 5,111 47,464 8,000 50,730 Total liabilities and equity 2$ 173,612 $ 144,218 24 119,485 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: Choose Denominator: Current ratio %3D Current ratio %3D 2019 0 to 1 %3D 2018 0 to 1 %3D 2017 0 to 1 %3D
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