2019 $18,300 100 $18, 200 7,400 $10,800 LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 Gross sales $23,400 Sales returns and allowances 900 Net sales $22,500 Cost of merchandise (goods) sold 10,900 Gross profit $11,600 Operating expenses: Depreciation $ 1,140 Selling and administrative 5,500 Research 990 Miscellaneous 800 Total operating expenses $ 8,430 Income before interest and taxes $ 3,170 Interest expense 1,000 Income before taxes $ 2,170 Provision for taxes 868 Net income $ 1,302 $ 820 4,200 720 520 $ 6,260 $ 4,540 720 $ 3,820 1,528 $ 2,292 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 $ 11,400 $ 8,300 15,800 11,800 7,800 13,300 23,300 9,300 $ 58,300 $ 42,700 $ 13,800 $ 10,300 12,800 8,300 $ 26,600 $ 18,600 $ 84,900 $ 61,300 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 $ 12,300 $ 6,300 6,300 4,300 $ 18,600 $ 10,600 21,300 19,800 $ 39,900 $ 30,400 $ 20,300 $ 20,300 24,700 10,600 $ 45,000 $30,900 $ 84,900 $ 61,300 Calculate the total debt to total assets 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 Total debt to total assets ratio