Gross sales Net sales LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Sales returns and allowances 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 2023 $ 19,000 1,000 $ 18,000 12,000 $ 6,000 $ 700 2,200 550 360 $ 3,810 2022 $ 15,000 100 $ 14,900 9,000 $ 5,900 $ 600 2,000 500 300 $ 3,400 $ 2,500 500 $ 2,000 $ 2,190 560 $ 1,630 640 800 $ 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 Plant and equipment: Building (net) Land 2023 2022 $ 12,000 16,500 8,500 24,000 $ 61,000 $ 14,500 13,500 $ 9,000 12,500 14,000 10,000 $ 45,500 $ 11,000 9,000