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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 $ 23,800 $18,600 1,000 100 $ 22,800 $18,500 10,800 7,200 $12,000 $11,300 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 $ 1,180 $ 840 5,800 4,400 1,030 740 840 540 $ 8,850 $ 6,520 $ 3,150 $ 4,780 1,040 740 $ 2,110 $ 4,040 844 1,616 $ 1,266 $ 2,424 LOGIC COMPANY Comparative Balance Sheet LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 $11,100 $ 8,100 15,600 11,600 7,600 13,100 23,100 9,100 $57,400 $41,900 $13,600 $10,200 12,600 8,100 $26,200 $18,300 $83,600 $60,200 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 $12,100 $ 6,100 6,100 4,100 $18,200 $10,200 21,100 19,600 $39,300 $29,800 $20,100 $20, 100 24,200 10,300 $44,300 $30, 400 $83,600 $60,200 Calculate the current ratio. (Round your answers to the nearest hundredth.) 2018 2017 Current ratio