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blem 16-14 [LU 16-3 (2) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 sales $ 19,000 eturns and allowances
blem 16-14 [LU 16-3 (2) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2016 and 2017 2017 sales $ 19,000 eturns and allowances 1.000 $18.000 merchandise (goods) sold 12,000 profit $ 6,000 ting expenses reciation $ 700 ing and administrative 2.200 Search 550 cellaneous 360 Total operating expenses SG 810 e before interest and taxes 20190 st expense 560 ne before taxes 630 sion for taxes ncome S990 LOGIE COMPANY Comparative Balance Sheet December 31, 2016 and 2017 2011 Assets ent assets $ 12.00 e 24,000 $ 61,000 10,000 $ 45,500 $ 14,500 13.500 $ 28,000 $ 89,000 $ 11,000 9,000 $ 20,000 $ 65,500 $ 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 $ 13.000 7.000 $ 20,000 7.000 5.000 12,000 $ 22.000 $42.000 20.500 $ 32.500 $ 21,000 $ 21.000 26.000 12.000 $ 47 000 $ 33,000 $ 89,000 $ 65,500 Calculate the return on equity (after tax) ratio. (Enter your answers as percentages rounded to 2 decimal places.) 2017 2016 Return on equity
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