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Required information (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 $ 472,319 $361,835 $ 251,100 Cost of goods sold 284,336 226,871 160,704 Gross profit 187,983 134,964 90,396 Selling expenses 67,069 49,933 33, 145 Administrative expenses 42,509 31, 841 20,841 Total expenses 109,578 81,774 53,986 Income before taxes 78,405 53, 190 36,410 Income tax expense 14,583 10,904 7,391 Net income $ 63,822 $ 42,286 $ 29,019 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 2017 Assets Current assets $ 62,803 42,034 $ 56,190 Long-term investments 0 600 3,060 Plant assets, net 118,446 107,928 65,491 Total assets $ 181,249 $ 150,562 $ 124,741 Liabilities and Equity Current liabilities $ 26,462 $ 22,434 $ 21,830 Common stock 67,000 67,000 49,000 Other paid-in capital 8,375 8,375 5,444 Retained earnings 79,412 52,753 48,467 Total liabilities and equity $ 181,249 $ 150,562 $ 124,741 Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Choose Numerator: 7 Choose Denominator: II Current ratio / = Current ratio 2019 / II to 1 2018 / 11 to 1 2017 / = to 1 2. Complete the below table to calculate income statement data in common-size percent decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales % % % Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income % % % 3. Complete the below table to calculate the balance sheet data in trend percents with 2017 as bas answers to 2 decimal places.) KORBIN COMPANY Balance Sheet Data in Trend Percents December 31, 2019, 2018 and 2017 2019 2018 2017 Assets % 100.00 % Current assets Long-term investments Plant assets, net Total assets 100.00 100.00 % % 100.00 % Liabilities and Equity Current liabilities % % 100.00 % 100.00 100.00 Common stock Other paid-in capital Retained earnings Total liabilities and equity 100.00 % % 100.00 %

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