LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2818 2018 2017 $22,422 $17,550 see 180 $21,620 $17,458 11,150 7,988 $18,450 $9,55 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 $ 1,249 $ 770 4.750 3.78e 890 678 zee 478 $ 7,380 $ 5,610 $ 3.878 $ 3,940 90e 678 $ 2,170 $ 3,278 868 1,388 1.392 $1,962 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 $11.880 5 8,888 16,388 12,380 8,388 13. Bee 23.800 9. $68,228 544,789 $14,320 510,988 13,300 8.800 $27.620 $19.792 $87,880 $64.400 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 ities Long term liabilities: Mortgage note payable Total liabilities Stockholders Equity Comon stock Retained earnings Total stockholders' equity Total liabilities and stockholders equity $12,80 5 6,893 6.820 4,888 $19,6kg 11, HE 4 21.00 29, 303 $41,428 $31.993 $20,880 $28.800 25,6ee 11.700 $46,480 $32,50 $87,880 564,488 Calculate the current ratio. (Round your answers to the nearest hundredth.) 2018 2017 Current ratio