2019 $15,750 100 $15,650 8,750 $ 6,900 LOGIC COMPANY Comparative Income statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $20,000 Sales returns and allowances 800 Net sales $19,200 Cost of merchandise (goods) sold 11,750 Gross profit $ 7,450 Operating expenses: Depreciation $ 800 Selling and administrative 2,950 Research 650 Miscellaneous 460 Total operating expenses 4,860 Income before interest and taxes 2,590 Interest expense 660 Income before taxes 1,930 Provision for taxes 772 Net income $ 1,158 $ 650 2,500 550 350 $ 4,050 $ 2,850 550 $ 2,300 $ 1,380 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) $ 12,500 17,00 9,eee 24,500 $ 63,eee $ 9,400 13,000 14,500 10,500 $ 47,480 Land $ 15,00 14,800 $ 29,00 $ 92,000 $ 11,500 9,500 $ 21,00 $ 68,400 $ 13,500 7,608 $ 21,100 $ 7,488 5,500 $ 12,900 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 22,500 21,eee $ 43,600 $ 33,900 $ 21,500 26,900 $ 48,400 $ 92,000 $ 21,500 13,00 $ 34,500 $ 68,400 Calculate the acld test 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 Acid test ratio P