6 points Skipped Net sales eBook LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $23,000 $18,000 Sales returns and allowances 800 100 $22,200 $17,900 Cost of verchandise (goods) sold 11,000 7,600 Gross profit $11,200 $10,300 Operating expenses: Depreciation $ 1,100 $ 800 Selling and administrative 5,200 4,000 Research 950 700 Miscellaneous 760 500 Total operating expenses $ 8,010 $ 6,000 Income before interest and $ 3,190 $ 4,300 taxes Interest expense 960 700 Income before taxes $ 2,230 $ 3,600 Provision for taxes 892 1,440 Net income $ 1,338 $ 2,160 Print References LOGIC COMPANY $11,500 $ 8,500 16,000 12,000 8,000 13,500 23,500 9,500 $59,000 $43,500 $14,000 $10,500 13,000. B, 500 $27,000 $19,000 $86,880 $62,500 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 $12,500 $ 6,500 6,500 4,500 $19,000 $11,000 21,500 20,000 $40,500 $31,800 $20,500 $20,500 25,000 11,000 $45,500 $31.500 $86,000 562,500 Calculate the current ratio. (Do NOT enter your answer as a percentage (.e., do not move the decimal two places to the right). Enter It as a proportion rounded to the nearest hundredth.) 2020 2019 Current ratio