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[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 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 Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Numerator: KORBIN COMPANY Comparative Balance Sheets 2021 $548,688 330,310 1 1 218,378 77,914 49,382 127,296 91,082 16,941 $ 74,141 1 1 1 2020 2019 $ 420,340 $ 291,700 263,974 186,688 156,366 105,012 58,007 38,504 36,990 24,211 December 31 2021 94,997 61,369 12,581 $ 48,788 Current Ratio $ 62,574 0 114,438 $ 177,012 $ 25,844 65,000 $ 21,319 47,006 5/222 48,284 Total liabilities and equity. $ 177,012 $147,043 $ 121,825 8,125 78,043 Denominator: Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $147,043 2020 $ 21,909 65,000 8,125 52,009 62,715 42,297 8,586 $ 33,711 = = = 2019 = Current ratio Current ratio to 1 to 1 to 1 = $55,985 3,926 61,926 $ 121,825

[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 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 Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Numerator: KORBIN COMPANY Comparative Balance Sheets 2021 $548,688 330,310 1 1 218,378 77,914 49,382 127,296 91,082 16,941 $ 74,141 1 1 1 2020 2019 $ 420,340 $ 291,700 263,974 186,688 156,366 105,012 58,007 38,504 36,990 24,211 December 31 2021 94,997 61,369 12,581 $ 48,788 Current Ratio $ 62,574 0 114,438 $ 177,012 $ 25,844 65,000 $ 21,319 47,006 5/222 48,284 Total liabilities and equity. $ 177,012 $147,043 $ 121,825 8,125 78,043 Denominator: Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $147,043 2020 $ 21,909 65,000 8,125 52,009 62,715 42,297 8,586 $ 33,711 = = = 2019 = Current ratio Current ratio to 1 to 1 to 1 = $55,985 3,926 61,926 $ 121,825

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter14: Financial Statement Analysis
Section: Chapter Questions
Problem 26E: Comprehensive income Anson Industries, Inc., reported the following information on its 20Y1 income...
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[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY 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 Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438 61,920 $177,012 $147,043 $ 121,825 Denominator: $ 21,909 $ 21,319 65,000 47,000 8,125 5,222 52,009 48,284 $177,012 $ 147,043 $ 121,825 = 2020 = 105,012 38,504 24,211 62,715 42,297 8,586 $ 33,711 = = 2019 = Current ratio Current ratio to 1 to 1 to 1
Transcribed Image Text:[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY 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 Balance Sheets Liabilities and Equity Current liabilities Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438 61,920 $177,012 $147,043 $ 121,825 Denominator: $ 21,909 $ 21,319 65,000 47,000 8,125 5,222 52,009 48,284 $177,012 $ 147,043 $ 121,825 = 2020 = 105,012 38,504 24,211 62,715 42,297 8,586 $ 33,711 = = 2019 = Current ratio Current ratio to 1 to 1 to 1
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