LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold 2018 $19,400 2017 $15,300 800 100 $18,600 $15,200 11,900 8,900 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 $ 6,700 $6,300 $ 740 $ 620 2,500 2,200 590 520 400 320 $ 4,230 $ 3,660 $ 2,470 $ 2,640 600 520 $ 1,870 $ 2,120 748 848 $ 1,122 $ 1,272 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 Assets 2018 2017 Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land Total plant and equipment Total assets $12,100 $9,300 16,700 12,700 8,700 14,200 24,200 10,200 $61,700 $46,400 $14,600 $11,200 13,700 9,200 $28,300 $20,400 $90,000 $66,800 Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities $13,200 $ 7,200 7,200 5,200 $20,400 $12,400 Long-term liabilities: Mortgage note payable 22,400 20,700 Total liabilities $42,800 $33,100 Stockholders' Equity Common stock $21,180 $21,100 Retained earnings 26,100 12,600 Total stockholders' equity $47,200 $33,700 Total liabilities and stockholders' equity $90,000 $66,800 Calculate the total debt to total assets ratio. (Round your answers to the nearest hundredth.) Total debt to total assets ratio