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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 2019 $ $ $ 18,750 24,000 900 23.100 100 $ 10.750 18,650 7.100 11.550 $ 12,350 s s 1,200 $ 850 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 5,950 4,500 750 1.050 880 s $ 9,080 3.290 550 6,650 4.000 750 $ $ 1.000 2,230 s $ 892 4,150 1.660 2.490 Net income $ 1,338 $ LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 Amount Percent 2019 Amount Percent Assets $ $ 7.900 11.500 Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment 11.000 15.500 7,500 23.000 57,000 13,000 9,000 41,400 $ $ s $ 13,500 12.500 26.000 83.000 10.100 8,000 18,100 59.500 $ $ $ Total assets $ $ s 12.000 8.000 18,000 6.100 4.000 10,100 $ s 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 21.000 19,400 29.500 s 39,000 s s $ 20.300 23,700 44,000 83.000 20.300 9.700 30,000 59,500 s $ $ s
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