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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $20,000 $15,750 800 100 $19,200 $15,650 11,750 8,750 $ 7,450 $ 6,900 Book 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 Net income 4 Print 800 $ 650 2,950 2,500 650 550 460 350 $ 4,860 $ 4,050 $ 2,590 $ 2,850 660 550 $ 1,930 $ 2,300 772 920 $ 1,158 $ 1,380 Pferences LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 $12,500 $ 9,400 17,000 13,000 9,000 14,500 24,500 10,500 $63,000 $47,400 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets 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 $15,000 $11,500 14,000 9,500 $29,000 $21,000 $92,000 $68,400 $13,500 $ 7,400 7,600 5,500 $21,100 $12,900 22,500 21,000 $43, 600 $33,900 $21,500 $21,500 26,900 13,000 $48, 400 $34,500 $92,000 $68,400 Calculate net income (after tax) to the net sales. (Round your answers to the nearest hundre 2018 2017 Net income to net sales