25.00 points Complete the comparative Income statement and balance sheet for Logic Company input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your percent answers to the nearest hundredith percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 INCREASE (DECREASE) 2017 2016 Amount Gross sales $ 23,800 18.500 5200 Sales retums and allowances 1,000 100 900 Net sales $ 22,000 $18,500 S 4300 Cost of merchandise (goods) sold 7,200 9000 Gross profit $ 12,000 $ 11,300 S Operating expenses Depreciation $ 1.180 S 840 S Selling and administrative 5.800 4.400 Research 1.030 740 Miscellaneous 840 Total operating expenses $ 8.850 $ 6.520 $ 2330 Income before interest and taxes S 3.150 S 4.700 S Interest expense 1.040 740 $ 2,110 $ 4,040 S -1930 Income before taxes 1,616 Provision for taxes $ 1.266 2.624 1156 Not income 1400 LOGIC COMPANY Comparative Balance Sheet December 31, 2016 and 2017 What esc Get Home $ 1.266 $ 2.424 Mele wereld - 1158 LOGIC COMPANY Comparative Balance Sheet December 31, 2016 and 2017 2017 Amount Percent Amount 2016 Porcent Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment $ 11,100 15.600 7,600 23,100 9 $ 8,100 11,600 13,100 9.100 $ 41,900 $ 57,400 69 16 $ 13.000 12,600 15 $ 26,200 31 $ 10.200 8,100 $ 18,300 $ 60,200 Total assets $ 83,600 Liabilities Current liabilities: Accounts payable $ 12.100 0,100 $ 6,100 4.100 $ 10,200 $ 18.200 21,100 19,600 Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earings Total stockholders' equity $ 29,800 $ 20,100 24,200 $ 44,300 $ 20.100 10,300 5 30,400 53 Total liablities and stockholders' equity S83.600 100 $ 60,200 References oBook & Resources