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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 Balance Sheet December 31, 2014 and 2015 | ||||||
2015 | 2014 | |||||
Amount | Percent | Amount | Percent | |||
Assets | ||||||
Current assets: | ||||||
Cash | $ | 11,800 | $ | 8,800 | ||
Accounts receivable | 16,300 | 12,300 | ||||
Merchandise inventory | 8,300 | 13,800 | ||||
Prepaid expenses | 23,800 | 9,800 | ||||
Total current assets | $ | 60,200 | $ | 44,700 | ||
Plant and equipment: | ||||||
Building (net) | $ | 14,300 | $ | 10,900 | ||
Land | 13,300 | 8,800 | ||||
Total plant and equipment | $ | 27,600 | $ | 19,700 | ||
Total assets | $ | 87,800 | $ | 64,400 | ||
Liabilities | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 12,800 | $ | 6,800 | ||
Salaries payable | 6,800 | 4,800 | ||||
Total current liabilities | $ | 19,600 | $ | 11,600 | ||
Long-term liabilities: | ||||||
Mortgage note payable | 21,800 | 20,300 | ||||
Total liabilities | $ | 41,400 | $ | 31,900 | ||
Stockholders Equity | ||||||
Common stock | $ | 20,800 | $ | 20,800 | ||
Retained earnings | 25,600 | 11,700 | ||||
Total stockholders equity | $ | 46,400 | $ | 32,500 | ||
Total liabilities and stockholders equity | $ | 87,800 | $ | 64,400 | ||
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