2019 $15,600 100 $15,500 8,800 $ 6,700 Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $19,800 Sales returns and allowances 900 Net sales $18,900 Cost of merchandise (goods) sold 11,800 Gross profit $ 7,100 Operating expenses: Depreciation $ 780 Selling and administrative 2,800 Research 630 Miscellaneous 440 Total operating expenses $ 4,650 Income before interest and taxes $ 2,450 Interest expense 640 Income before taxes $ 1,810 Provision for taxes 724 Net income $ 1,086 $ 640 2,400 540 340 $ 3,920 $ 2,780 540 $ 2, 240 896 $ 1,344 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 $ 12,300 $ 9,400 16,900 12,900 8,900 14,400 24,400 10,400 $ 62,500 $ 47,100 $ 14,900 $ 11,400 13,900 9,400 $ 28,800 $ 20,800 $ 91,300 $ 67,900 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 13,400 7,500 $ 20,900 $ 7,400 5,400 $ 12,800 22,200 $ 43,100 20,900 $ 33,700 $ 21,400 $ 21,400 26,800 12,800 $ 48,200 $ 34,200 $ 91,300 $ 67,900 Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) 2020 2019 Current ratio 2.12 2.01