2019 $16, Bee 100 $16,700 8, 4ee $ 8,300 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $21, 480 Sales returns and allowances 1, eee Net sales $20,400 Cost of merchandise (goods) sold 11,488 Gross profit $ 9, eee Operating expenses: Depreciation $ 940 Selling and administrative 4, eee Research Miscellaneous 689 Total operating expenses $ 6,338 Income before interest and taxes $ 2,670 Interest expense 888 Income before taxes $ 1,879 Provision for taxes 748 Net income $ 1,122 798 $ 720 3, 2ee 62e 428 $ 4,960 $ 3,340 620 $ 2,720 1,088 $ 1,632 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2e2e 2020 2019 $ 13,200 $ 10, 280 17,700 13,700 9,700 15, 200 25, 2ee 11,200 $ 65, 8ee $50,389 $ 15,700 14,700 $ 30,400 $ 96,280 $ 12,200 10, 288 $ 22,400 $ 72,700 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 $ 14,209 8, 200 $ 22,400 $ 8, 209 6,200 $ 14,400 23, 208 $ 45, 600 21,700 $36,100 $ 22,209 28,488 $ 50, 600 $ 96,208 $ 22,100 14,588 $ 36,680 $ 72,700 Calculate the total debt to total assets ratio. (Do NOT enter your answer as a percentage (l.e., do not move the decimal two places to the right). Enter It as a proportion rounded to the nearest hundredth.) 2020 2019 Total debt to total assets ratio