LOGIC COMPANY Comparative Income Statement 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit \begin{tabular}{rr} 2023 & \multicolumn{1}{r}{2022} \\ $23,400 & $18,300 \\ 900 & 100 \\ \hline$22,500 & $18,200 \\ 10,900 & 7,400 \\ \hline$11,600 & $10,800 \\ \hline \end{tabular} 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 \begin{tabular}{rr} $1,140 & $820 \\ 5,500 & 4,200 \\ 990 & 720 \\ 800 & 520 \\ \hline$8,430 & $6,260 \\ \hline$3,170 & $4,540 \\ 1,000 & 720 \\ \hline$2,170 & $3,820 \\ 868 & 1,528 \\ \hline$1,302 & $2,292 \\ \hline \end{tabular} LOGIC COMPANY Comparative Balance Sheet. December 31, 2022 and 2023 Assets 20232022 Currant assets : Cash Accounts receivable 511,40015,8008,30011,800 LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 20232022 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 \begin{tabular}{rr} $11,400 & $8,300 \\ 15,800 & 11,800 \\ 7,800 & 13,300 \\ 23,300 & 9,300 \\ \hline$58,300 & $42,700 \\ \hline$13,800 & $10,300 \\ 12,800 & 8,300 \\ \hline$26,600 & $18,600 \\ \hline$84,900 & $61,300 \\ \hline \end{tabular} Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities \begin{tabular}{rr} $12,300 & $6,300 \\ 6,300 & 4,300 \\ \hline$18,600 & $10,600 \end{tabular} Long-term liabilities: Mortgage note payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity \begin{tabular}{rr} 21,300 & 19,800 \\ \hline$39,900 & $30,400 \\ \hline$20,300 & $20,300 \\ 24,700 & 10,600 \\ \hline$45,000 & $30,900 \\ \hline$84,900 & $61,300 \\ \hline \end{tabular} Calculate the acid test ratio. Note: Do NOT enter your answer as a percentage (i.e., do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth