[The following information applies to the questionsdisplayed below.]202120202019Selected comparative financial statements of KorbinCompany follow.KORBIN COMPANYComparativeIncome StatementsFor Years Ended December 31SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome tax expenseNet incomeAssetsCurrent assetsLong-term investments.Plant assets, netTotal assetsNumerator:202120202019$548,688 $ 420,340 $ 291,700330,310263,974186,688156,366KORBIN COMPANYComparative Balance SheetsLiabilities and EquityCurrent liabilitiesCommon stockOther paid-in capitalRetained earningsTotal liabilities and equity218,37877,91449,382127,29691,08216,94111/1158,00736,99094,99761,36912,581$ 74,141 $ 48,788December 312021$ 62,5740Current Ratio114,438$ 177,012$ 25,84465,0008,12578,043Required:1. Complete the below table to calculate each year's currentratio.Denominator:$ 41,881$ 55,9853,9201,200103,962$147,043 $ 121,82561,920$ 21,909 $ 21,31965,00047,0008,1255/22252,00948,284$177,012 $147,043 $ 121,8252020=105,01238,50424,21162,71542,2978,586$ 33,711=2019= Current ratioCurrent ratio0 to 10 to 10 to 1==

Given that, Current assets for the year ending december 31, 2021 = $62,574 2020 = $41,881 2019 =…

Answered: Current assets Long-term investments…

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter6: Accounting Quality

Section: Chapter Questions

Problem 2IC

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Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities $ 62,574 0 114,438 $177,012 $ 41,881 $ 55,985 1,200 3,920 103,962 61,920 $147,043 $ 121,825 $ 25,844 $ 21,909 $ 21 319