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I got got the comparative income statement but I can't figure out the comparative balance sheet, which is the second blank photo. Complete the comparative
I got got the comparative income statement but I can't figure out the comparative balance sheet, which is the second blank photo.
Complete the comparative income statement and balance sheet for Logic Company. (Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your "percent" answers to the nearest hundredth percent.) LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 Increase (Decrease) 2020 2019 Amount Percent Gross sales $ 19.000 $ 15,000 $ 4,000 26.67 Sales returns and allowances 1,000 100 900 900.00 Net sales $ $ 18.000 $ 14,900 $ 3,100 20.81 Cost of merchandise (goods) sold 12,000 9.000 3,000 33.33 Gross profit $ 6,000 $ 5.900 $ 100 1.69 es $ 700 $ 600 $ 100 16.67 Operating expenses: Depreciation Selling and administrative Research 2,200 2,000 200 10.00 550 500 50 10.00 360 300 Miscellaneous 60 20.00 $ $ 3,810 3,400 Total operating expenses $ 410 12.06 $ $ 2,190 2,500 $ (310) Income before interest and taxes (12.40) 560 500 Interest expense 60 12.00 $ $ 1,630 2,000 $ (370) Income before taxes (18.50 800 640 (160) Provision for taxes (20.00) (17.50) $ 990 $ EA 1,200 $ (210) Net income Amount Percent Amount Percent Assets Current assets: Cash $ 12,000 $ 9,000 Accounts receivable 16,500 8,500 Merchandise inventory Prepaid expenses 12,500 14,000 10,000 45,500 24,000 Total current assets $ 61,000 $ Plant and equipment: Building (net) Land $ 14,500 em $ 11,000 13,500 9,000 Total plant and equipment $ 28,000 $ 20,000 Total assets $ 89,000 $ 65,500 Liabilities Current liabilities: $ 13,000 $ 7,000 7,000 5,000 $ 20,000 $ 12,000 Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock 22,000 20,500 32,500 $ 42,000 $ $ 21,000 $ 21,000 26,000 Retained earnings Total stockholders' equity 12,000 $ $ 47,000 89,000 ] Total liabilities and stockholders' equity 33,000 65,500 $ $Step by Step Solution
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