Haresh Required information[The following information applies to the questions displayed below.]Selected comparative financial statements of Korbin Company follow.202120202019KORBIN COMPANYComparative Income StatementsFor Years Ended December 3120212020SalesCost of goods soldGross profitSelling expensesAdministrative271,500 127,500 124, 100102,90046,92050,80050,66829,92022,800expensesTotal expensesIncome before153,568 76,84073,600taxes117,93250,660Income tax expense 40,800 10,370Net income$555,000 340,000283,500212,500KORBIN COMPANYComparative Balance SheetsAssetsCurrent assetsLong-term investmentsPlant assets, netTotal assets50,50015,670$77,132 $ 40,290 $ 34,830December 312021Liabilities and EquityCurrent liabilitiesCommon stockOther paid-in capitalRetained earningsNumerator:Total liabilities andequity111$52,3900100,000$152,390$22,80072,000Current Ratio9,0009,00048,590 33,464$$152,390 134,424Required:1. Complete the below table to calculate each year's current ratio.Denominator:2020===278,000153,900$37,92450096,000$134,424$19,96072,0002019Currentratio2019$51,7483,95060,000$115,69820,30060,0006,00029,398$115,698Current ratioto 1to 1to 1

Ratio analysis means where different ratio of various years of years companies has been compared and…

[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. 2021 2020 2019 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets $ $ 555,000 340,000 278,000 283,500 212,500 153,900 271,500 127,500 124,100 102,900 46,920 50,800 50,668 29,920 22,800 153,568 76,840 73,600 117,932 50,660 50,500 40,800 10,370 15,670 $77,132 $ 40,290 $ 34,830 Assets Current assets Long-term investments Plant assets, net Total assets December 31 2021 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Numerator: Total liabilities and equity 1 1 T $ 52,390 0 100,000 152,390 Current Ratio $ 22,800 72,000 9,000 48,590 $ 152,390 134,424 Required: 1. Complete the below table to calculate each year's current ratio. 2020 Denominator: 37,924 500 96,000 $ 134,424 = = $ 19,960 72,000 9,000 33,464 2019 Current ratio 20,300 60,000 6,000 29,398 $ $ 115,698 =Current ratio to 1 to 1 to 1 2019 $ 51,748 3,950 60,000 115,698

[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. 2021 2020 2019 KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets $ $ 555,000 340,000 278,000 283,500 212,500 153,900 271,500 127,500 124,100 102,900 46,920 50,800 50,668 29,920 22,800 153,568 76,840 73,600 117,932 50,660 50,500 40,800 10,370 15,670 $77,132 $ 40,290 $ 34,830 Assets Current assets Long-term investments Plant assets, net Total assets December 31 2021 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Numerator: Total liabilities and equity 1 1 T $ 52,390 0 100,000 152,390 Current Ratio $ 22,800 72,000 9,000 48,590 $ 152,390 134,424 Required: 1. Complete the below table to calculate each year's current ratio. 2020 Denominator: 37,924 500 96,000 $ 134,424 = = $ 19,960 72,000 9,000 33,464 2019 Current ratio 20,300 60,000 6,000 29,398 $ $ 115,698 =Current ratio to 1 to 1 to 1 2019 $ 51,748 3,950 60,000 115,698

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter9: Metric-analysis Of Financial Statements

Section: Chapter Questions

Problem 9.4.14P: Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of...

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