Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values excent 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 Incroase (Decrease) 2020 2019 Amount Percent Gross sales %24 24,000 $ 18,750 Sales returns and allowances 900 100 Net sales %24 23,100 S 18,650 Cost of merchandise (goods) sold 10,750 7,100 Gross profit 12,350 $ 11,550 Operating expenses: Depreciation 1,200 $ 850 Selling and administrative 5,950 4,500 Research 1,050 750 Miscellaneous 860 550 9,060 $ 3,290 $ 6,650 4,900 Total operating expenses Income before interest and taxes Interest expense 1,000 750 2,230 $ 892 Income before taxes 4,150 Provision for taxes 1.660 Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Amount Porcent Amount Percent Assets Current assets: Cash 11,000 7,900 Accounts receivable 15,500 11,500 Merchandise inventory 7,500 13,000 Prepaid expenses 23,000 9,000 Total current assets 57,000 %24 41,400 Plant and equipment: Building (net) 13,500 10,100 Land 12,500 8,000 26,000 83,000 Total plant and equipment %24 %24 18,100 Total assets 59,500 Liabilities Current liabilitios: Accounts payable %24 12,000 6,100 4,000 10,100 Salaries payable 6,000 Total current liabilities 18,000 Long-term liabilities: Mortgage note payable 21,000 19,400 %24 %24 %24 1otai current assets 41,4UU Plant and equipment: Building (net) 2$ 13,500 10,100 Land 12,500 8,000 Total plant and equipment $ 26,000 18,100 Total assets $ 83,000 59,500 Liabilities Current liabilities: 12,000 6,000 18,000 Accounts payable 6,100 Salaries payable 4,000 Total current liabilities 10,100 Long-term liabilities: Mortgage note payable 21,000 19,400 Total liabilities 39,000 29,500 Stockholders' Equity Common stock 20,300 20,300 Retained earnings 23,700 9,700 Total stockholders' equity 44,000 30,000 Total liabilities and stockholders' equity 83,000 2$ 59,500 %24 %24 %24 %24 %24 %24 %24 Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values excent 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 Incroase (Decrease) 2020 2019 Amount Percent Gross sales %24 24,000 $ 18,750 Sales returns and allowances 900 100 Net sales %24 23,100 S 18,650 Cost of merchandise (goods) sold 10,750 7,100 Gross profit 12,350 $ 11,550 Operating expenses: Depreciation 1,200 $ 850 Selling and administrative 5,950 4,500 Research 1,050 750 Miscellaneous 860 550 9,060 $ 3,290 $ 6,650 4,900 Total operating expenses Income before interest and taxes Interest expense 1,000 750 2,230 $ 892 Income before taxes 4,150 Provision for taxes 1.660 Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Amount Porcent Amount Percent Assets Current assets: Cash 11,000 7,900 Accounts receivable 15,500 11,500 Merchandise inventory 7,500 13,000 Prepaid expenses 23,000 9,000 Total current assets 57,000 %24 41,400 Plant and equipment: Building (net) 13,500 10,100 Land 12,500 8,000 26,000 83,000 Total plant and equipment %24 %24 18,100 Total assets 59,500 Liabilities Current liabilitios: Accounts payable %24 12,000 6,100 4,000 10,100 Salaries payable 6,000 Total current liabilities 18,000 Long-term liabilities: Mortgage note payable 21,000 19,400 %24 %24 %24 1otai current assets 41,4UU Plant and equipment: Building (net) 2$ 13,500 10,100 Land 12,500 8,000 Total plant and equipment $ 26,000 18,100 Total assets $ 83,000 59,500 Liabilities Current liabilities: 12,000 6,000 18,000 Accounts payable 6,100 Salaries payable 4,000 Total current liabilities 10,100 Long-term liabilities: Mortgage note payable 21,000 19,400 Total liabilities 39,000 29,500 Stockholders' Equity Common stock 20,300 20,300 Retained earnings 23,700 9,700 Total stockholders' equity 44,000 30,000 Total liabilities and stockholders' equity 83,000 2$ 59,500 %24 %24 %24 %24 %24 %24 %24 Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values excent 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 Incroase (Decrease) 2020 2019 Amount Percent Gross sales %24 24,000 $ 18,750 Sales returns and allowances 900 100 Net sales %24 23,100 S 18,650 Cost of merchandise (goods) sold 10,750 7,100 Gross profit 12,350 $ 11,550 Operating expenses: Depreciation 1,200 $ 850 Selling and administrative 5,950 4,500 Research 1,050 750 Miscellaneous 860 550 9,060 $ 3,290 $ 6,650 4,900 Total operating expenses Income before interest and taxes Interest expense 1,000 750 2,230 $ 892 Income before taxes 4,150 Provision for taxes 1.660 Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Amount Porcent Amount Percent Assets Current assets: Cash 11,000 7,900 Accounts receivable 15,500 11,500 Merchandise inventory 7,500 13,000 Prepaid expenses 23,000 9,000 Total current assets 57,000 %24 41,400 Plant and equipment: Building (net) 13,500 10,100 Land 12,500 8,000 26,000 83,000 Total plant and equipment %24 %24 18,100 Total assets 59,500 Liabilities Current liabilitios: Accounts payable %24 12,000 6,100 4,000 10,100 Salaries payable 6,000 Total current liabilities 18,000 Long-term liabilities: Mortgage note payable 21,000 19,400 %24 %24 %24 1otai current assets 41,4UU Plant and equipment: Building (net) 2$ 13,500 10,100 Land 12,500 8,000 Total plant and equipment $ 26,000 18,100 Total assets $ 83,000 59,500 Liabilities Current liabilities: 12,000 6,000 18,000 Accounts payable 6,100 Salaries payable 4,000 Total current liabilities 10,100 Long-term liabilities: Mortgage note payable 21,000 19,400 Total liabilities 39,000 29,500 Stockholders' Equity Common stock 20,300 20,300 Retained earnings 23,700 9,700 Total stockholders' equity 44,000 30,000 Total liabilities and stockholders' equity 83,000 2$ 59,500 %24 %24 %24 %24 %24 %24 %24 Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values excent 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 Incroase (Decrease) 2020 2019 Amount Percent Gross sales %24 24,000 $ 18,750 Sales returns and allowances 900 100 Net sales %24 23,100 S 18,650 Cost of merchandise (goods) sold 10,750 7,100 Gross profit 12,350 $ 11,550 Operating expenses: Depreciation 1,200 $ 850 Selling and administrative 5,950 4,500 Research 1,050 750 Miscellaneous 860 550 9,060 $ 3,290 $ 6,650 4,900 Total operating expenses Income before interest and taxes Interest expense 1,000 750 2,230 $ 892 Income before taxes 4,150 Provision for taxes 1.660 Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Amount Porcent Amount Percent Assets Current assets: Cash 11,000 7,900 Accounts receivable 15,500 11,500 Merchandise inventory 7,500 13,000 Prepaid expenses 23,000 9,000 Total current assets 57,000 %24 41,400 Plant and equipment: Building (net) 13,500 10,100 Land 12,500 8,000 26,000 83,000 Total plant and equipment %24 %24 18,100 Total assets 59,500 Liabilities Current liabilitios: Accounts payable %24 12,000 6,100 4,000 10,100 Salaries payable 6,000 Total current liabilities 18,000 Long-term liabilities: Mortgage note payable 21,000 19,400 %24 %24 %24 1otai current assets 41,4UU Plant and equipment: Building (net) 2$ 13,500 10,100 Land 12,500 8,000 Total plant and equipment $ 26,000 18,100 Total assets $ 83,000 59,500 Liabilities Current liabilities: 12,000 6,000 18,000 Accounts payable 6,100 Salaries payable 4,000 Total current liabilities 10,100 Long-term liabilities: Mortgage note payable 21,000 19,400 Total liabilities 39,000 29,500 Stockholders' Equity Common stock 20,300 20,300 Retained earnings 23,700 9,700 Total stockholders' equity 44,000 30,000 Total liabilities and stockholders' equity 83,000 2$ 59,500 %24 %24 %24 %24 %24 %24 %24