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Selected comparative financial statements of Korbin Company follow.

KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
	2021	2020	2019
Sales	$ 419,463	$ 321,343	$ 223,000
Cost of goods sold	252,517	202,125	142,720
Gross profit	166,946	119,218	80,280
Selling expenses	59,564	44,345	29,436
Administrative expenses	37,752	28,278	18,509
Total expenses	97,316	72,623	47,945
Income before taxes	69,630	46,595	32,335
Income tax expense	12,951	9,552	6,564
Net income	$ 56,679	$ 37,043	$ 25,771

KORBIN COMPANY
Comparative Balance Sheets
December 31
	2021	2020	2019
Assets
Current assets	$ 54,842	$ 36,706	$ 49,067
Long-term investments	0	500	3,720
Plant assets, net	103,432	94,271	56,142
Total assets	$ 158,274	$ 131,477	$ 108,929
Liabilities and Equity
Current liabilities	$ 23,108	$ 19,590	$ 19,063
Common stock	71,000	71,000	53,000
Other paid-in capital	8,875	8,875	5,889
Retained earnings	55,291	32,012	30,977
Total liabilities and equity	$ 158,274	$ 131,477	$ 108,929

rev: 09_08_2021_QC_CDR-376, 10_13_2021_QC_CDR-376

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

2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers to 2 decimal places.)

4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year compared to the prior year?

multiple choice 1

Yes

No

(b) Did income as a percent of sales improve in the most recent year compared to the prior year?

multiple choice 2

Yes

No

(c) Did plant assets grow over this period?

multiple choice 3

Yes

No

\begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{ Current Ratio } & = & Current ratio \\ \hline & Numerator: & I & Denominator: & = & Current ratio \\ \hline 2021 & & I & = & to 1 \\ \hline 2020 & & I & & = & to 1 \\ \hline 2019 & I & & = & to 1 \\ \hline \end{tabular} KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income \begin{tabular}{|l|l|l|l|l|l|} \hline \multicolumn{2}{|c|}{2021} & \multicolumn{2}{c|}{2020} & \multicolumn{2}{c|}{2019} \\ \hline & % & & % & & % \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & % & & & & \\ \hline \end{tabular} 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as base year. (Round your percentage answers to 2 decimal places.)

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