2019 $17,100 100 $17, eee 8, 10e $ 8,900 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $21,888 Sales returns and allowances 800 Net sales $21,80 Cost of merchandise (goods) sold 11,300 Gross profit $ 9,789 Operating expenses: Depreciation $ 980 Selling and administrative 4,300 Research 830 Miscellaneous 640 Total operating expenses $ 6,758 Income before interest and taxes $ 2,950 Interest expense 848 Income before taxes $ 2,119 Provision for taxes 844 Net income $ 1,266 $ 740 3,400 640 448 $ 5,220 $ 3,680 640 $ 3,840 1,216 $ 1,824 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2e2a 2019 $ 13,4e8 $ 19,480 17,988 13,990 9,900 15,480 25,408 11,400 $ 66,600 $ 51,180 $ 15,908 $ 12,480 14,900 19,480 $ 39,800 $ 22,888 $ 97,488 $ 73,980 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 $ 14,488 $ 8,400 8,500 6,480 $ 22,999 $ 14,880 23,5e8 21,980 $ 46,488 $ 36,780 $ 22,489 $ 22,480 28,608 14,888 $ 51,00 $ 37,280 $ 97, 4ee $ 73,990 Calculate the acid 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 2.48