2019 $17,400 100 $17,300 8,050 $ 9,250 $21,3 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $22,200 Sales returns and allowances 900 Net sales 300 Cost of merchandise (goods) sold 11,200 Gross profit $10,100 Operating expenses: Depreciation $ 1,020 Selling and administrative 4,600 Research 870 Miscellaneous 680 Total operating expenses $ 7,170 Income before interest and taxes $ 2,930 Interest expense 880 Income before taxes $ 2,050 Provision for taxes 820 Net income $ 1,230 $ 760 3,600 660 460 $ 5,480 $ 3,770 660 $ 3, 110 1,244 $ 1,866 LOGIC COMPANY Comnaratiye Balance Sheet References Total liabilities and stockholders Calculate the total debt to total assets ratio. (Do NOT enter your answer as a percentage fi.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 2019 $17,400 100 $17,300 8,050 $ 9,250 $21,3 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $22,200 Sales returns and allowances 900 Net sales 300 Cost of merchandise (goods) sold 11,200 Gross profit $10,100 Operating expenses: Depreciation $ 1,020 Selling and administrative 4,600 Research 870 Miscellaneous 680 Total operating expenses $ 7,170 Income before interest and taxes $ 2,930 Interest expense 880 Income before taxes $ 2,050 Provision for taxes 820 Net income $ 1,230 $ 760 3,600 660 460 $ 5,480 $ 3,770 660 $ 3, 110 1,244 $ 1,866 LOGIC COMPANY Comnaratiye Balance Sheet References Total liabilities and stockholders Calculate the total debt to total assets ratio. (Do NOT enter your answer as a percentage fi.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