2019 $17,850 100 $17,750 7,700 $19,50 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $22,888 Sales returns and allowances 900 Net sales $21,989 Cost of merchandise (goods) sold 11,650 Gross profit $10,85e Operating expenses: Depreciation $ 1,080 Selling and administrative 5,050 Research 938 Miscellaneous 749 Total operating expenses $ 7,800 Income before interest and taxes $ 3,50 Interest expense 940 Income before taxes $ 2,119 Provision for taxes 844 Net income $ 1,266 $ 790 3,900 698 498 $ 5,870 $ 4,180 698 $ 3,490 1, 396 $ 2,994 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2e2e 2e2e 2019 $ 11,800 16,108 8, 100 23,609 $ 59, 600 $ 8,600 12,180 13,600 9,680 $ 43,900 $ 14,000 $ 10,600 13,100 8,600 $ 27,100 $ 19, 280 $ 86,708 $ 63,180 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 $ 12,6e9 $6,689 6,700 4,600 $ 19,309 $ 11,200 21,600 $ 40, 980 20, 180 $ 31,300 $ 20,6e8 $ 20,780 25, 200 11,199 $ 45,800 $ 31,800 $ 86,708 $ 63,180 Calculate net Income (after tax) to the net sales. (Do NOT enter your answer as a percentage (1.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) 2020 2019 Net income to net sales