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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $22,000 $17,250 1,000 100 $21,000 $17,150 11,250 8, 250 $ 9,750 $ 8,900 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 $ 1,000 $ 750 4,450 3,500 850 650 660 450 $ 6,960 $ 5,350 $ 2,790 $ 3,550 860 650 $ 1,930 $ 2,900 772 1,160 $ 1,158 $ 1,740 les LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 $13,500 $10,500 18,000 14,000 10,000 15,500 25,500 11,500 $ 67,000 $51,500 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 $15,900 $12,500 15,000 10,500 $30,900 $23,000 $97,900 $74,500 $14,500 $ 8,500 8,500 6,500 $23,000 $15,000 23,600 22,000 $46,600 $37,000 $22,500 $22,600 28,800 14,900 $51,300 $37,500 $97,900 $74,500 Calculate the acid test ratio. (Round your answers to the nearest hundredth.) 2018 2017 Acid test ratio