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In: Accounting

KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018...

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31, 2019, 2018, and 2017
2019 2018 2017
Sales $ 378,269 $ 289,785 $ 201,100
Cost of goods sold 227,718 181,116 128,704
Gross profit 150,551 108,669 72,396
Selling expenses 53,714 39,990 26,545
Administrative expenses 34,044 25,501 16,691
Total expenses 87,758 65,491 43,236
Income before taxes 62,793 43,178 29,160
Income tax expense 11,679 8,852 5,919
Net income $ 51,114 $ 34,326 $ 23,241
KORBIN COMPANY
Comparative Balance Sheets
December 31, 2019, 2018, and 2017
2019 2018 2017
Assets
Current assets $ 59,115 $ 39,566 $ 52,890
Long-term investments 0 1,100 4,780
Plant assets, net 111,492 101,056 59,747
Total assets $ 170,607 $ 141,722 $ 117,417
Liabilities and Equity
Current liabilities $ 24,909 $ 21,117 $ 20,548
Common stock 66,000 66,000 48,000
Other paid-in capital 8,250 8,250 5,333
Retained earnings 71,448 46,355 43,536
Total liabilities and equity $ 170,607 $ 141,722 $ 117,417

Required:
1. Complete the below table to calculate each year's current ratio.

Solutions

Expert Solution

[1]

Current Ratio
Choose Numerator Choose Denominator Current Ratio
Current Assets Current Liabilities
2017 $52,890 $20,548                                      2.57 or 2.6
2018 $39,566 $21,117                                      1.87 or 1.9
2019 $59,115 $24,909                                      2.37 or 2.4

ekkarill92 answered 1 year ago
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