Gross sales LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Sales returns and allowances 2023 $ 19,000 1,000 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 $ 18,000 12,000 $ 6,000 $ 700 2,200 550 2022 $ 15,000 100 $ 14,900 9,000 $5,900 $ 600 2,000 500 360 $ 3,810 300 $3,400 $ 2,190 560 $ 1,630 640 $ 2,500 500 $ 2,000 800 $ 990 $ 1,200 LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets 2023 2022 $ 12,000 16,500 8,500 24,000 $ 61,000 $ 9,000 12,500 14,000 10,000 $ 45,500 LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 20231 Assets Current assets: Cash Accounts receivable: Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment 2023 2022 $ 12,000 16,500 8,500 24,000 $ 61,000 $ 14,500 13,500 $ 28,000 $ 9,000 12,500 14,000. 10,000 $ 45,500 $11,000 9,000 $ 20,000 Total assets $ 89,000 $ 65,500 Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Common stock Retained earnings Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Calculate the return on equity (after tax) ratio. $13,000 7,000 $ 20,000 22,000 $ 42,000 $ 21,000 26,000 $ 47,000 $ 7,000 5,000 $ 12,000 20,500 $ 32,500 $ 21,000 12,000 $33,000 $ 89,000 $ 65,500 Note: Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth. Building (net) Land Total plant and equipment $14,500 13,500 $ 28,000 $ 11,000 9,000 $ 20,000 Total assets $ 89,000 $ 65,500 Liabilities Current liabilities: Accounts payable: Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Common stock Retained earnings Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Calculate the return on equity (after tax) ratio. $13,000 7,000 $ 20,000 22,000 $ 42,000 $21,000 26,000 $ 47,000 $ 7,000 5,000 $ 12,000 20,500 $ 32,500 $ 21,000 12,000 $33,000 $ 89,000 $ 65,500 Note: Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth. Return on equity 2023 2022