[The following information applies to the questions displayed below. Selected co

Question

[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, 2015, 2014. and 2013 2015 2014 $512.008$392.240 $272.200 247,896 2013 Sales Cost of goods sold 308,229 174.208 Gross profit Selling expenses Administrative expenses 203.779 72.705 46.081 144,344 54,129 34,517 97992 35,930 22.593 Total expenses 118,786 88,646 58.523 84.993 15,809 55,698 39,469 Income before taxes Income taxes 114188.012 Net income 69184S44 280 31,457 KORBIN COMPANY Comperative Balonce Sheets December 31,2015 2014, and 2013 0 Type here to search

Explanation / Answer

1. Current Ratio is current assets divided by current liabilities.

2. Common Size statement

3.

Balance Sheet data is trend percents

Current Ratio Numerator Denominator Ratio 2015 51,409 21,445 2.4:1 2014 40,221 21,252 1.9:1 2013 53,766 20,679 2.6:1

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