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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
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 hundredth percent.)
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 Increase (Decrease) Amount Percent $ 2020 21,800 $ 800 2019 17,100 100 S 21,000 $ 11,300 9,700 $ 17,000 8,100 8,900 $ $ 980 $ 740 4,300 3,400 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income 830 640 640 $ $ 6,750 $ 2,950 $ 840 440 5,220 3,680 640 3,040 1,216 1,824 S 2,110 $ 844 S 1,266 $ LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Amount Percent Amount Percent Assets Current assets: Cash $ $ 10,400 Accounts receivable 13,400 17,900 9,900 25,400 66,600 13,900 15,400 11,400 51,100 $ S Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land S $ 12,400 10,400 15,900 14,900 30,800 97,400 Total plant and equipment S $ 22,800 73,900 Total assets $ $ Liabilities Current liabilities: $ 14,400 0? 8,400 8,500 6,400 $ 22,900 $ 14,800 21,900 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 23,500 46,400 $ $ 36.700 S 22,400 $ 22,400 14,800 37,200 73,900 28,600 51,000 97,400 S $ S $Step by Step Solution
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