Required:1. Complete the below table to calculate each year's current ratio.Current RatioNumerator:Denominator:=Current ratio=Current ratio20211to 120201=to 120191=to 12. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answersdecimal places.)KORBIN COMPANYCommon-Size Comparative Income StatementsFor Years Ended December 31, 2021, 2020, and 2019202120202019Sales%Cost of goods soldGross profitSelling expensesAdministrative expensesTotal expensesIncome before taxesIncome tax expenseNet income11% Selected comparative financial statements of Korbin Company follow.KORBIN COMPANYComparative Income StatementsFor Years Ended December 312021Sales$ 562,7952019$ 299,200338,803Cost of goods soldGross profit191,488223,992107,712Selling expenses79,91739,494Administrative expenses50,65224,834Total expenses130,56964,328Income before taxes93,42343,384Income tax expense17,3778,807Net income$ 76,046$ 34,577KORBIN COMPANYComparative Balance SheetsDecember 3120212020AssetsCurrent assets$ 38,127$ 56,9650Long-term investments70097,740Plant assets, netTotal assets107,436$164,401$ 136,567Liabilities and EquityCurrent liabilities$ 20,348Common stock68,000$ 24,00368,0008,50063,898Other paid-in capital8,500Retained earnings39,719Total liabilities and equity$164,401 $ 136,5672020$431,147273,778157,36959,49837,94197,43959,93012,286$ 47,6442019$ 50,9674,55057,629$ 113,146$ 19,80150,0005,55637,789$113,1464

Name: Required:1. Complete the below table to calculate each year's current
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Description: Required:1. Complete the below table to calculate each year's current ratio.Current RatioNumerator:Denominator:=Current ratio=Current ratio20211to 120201=to 120191=to 12. Complete the below table to calculate income statement data in common-size per

Current ratio is an accounting ratio used to express the current assets in relation to the current…

Business

Accounting

Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Numerator: 1 Denominator: Current ratio W Current ratio 2021 to 1 2020 to 1 2019 1 = to 1 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 1 1 1

Required: 1. Complete the below table to calculate each year's current ratio. Current Ratio Numerator: 1 Denominator: Current ratio W Current ratio 2021 to 1 2020 to 1 2019 1 = to 1 2. Complete the below table to calculate income statement data in common-size percents. (Round your percentage answers decimal places.) KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 2019 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income 1 1 1

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 9.4.7P

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Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for Cuneo Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 3. Prepare a common-size income statement for Year 3 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)
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The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…
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