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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2820 2019 Gross sales 519,480 $15,300 Sales returns and allowances sea 100

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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2820 2019 Gross sales 519,480 $15,300 Sales returns and allowances sea 100 Net sales $18.600 $15,200 Cost of merchandise (goods) sold 11,980 8,900 Gross profit $ 6,702 $ 6,300 Operating expenses: Depreciation 5 740 $ 620 Selling and administrative 2,500 2,200 Research 590 520 Miscellaneous 480 320 Total operating expenses $ 4,238 $ 3,660 Income before interest and taxes $ 2,470 $ 2,640 Interest expense 6ee 52e Income before taxes $ 1,870 $ 2,120 Provision for taxes 748 848 Net Income $ 1,122 $ 1,272 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 $12,100 $ 9,300 16,700 12,700 8,700 14,200 24,200 10,200 $61,780 $46,480 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 $14,600 $11,200 13,700 9,200 $28,300 $20,400 $90,000 $66,800 $13,200 $ 7,200 7,200 5,200 $20,480 $12, 4ee 22,400 20,700 $ 42,800 $33,100 $21,100 $21, 1ee 26,100 12,600 $ 47,200 $33,700 590,000 $66,800 Calculate net income (after tax) to the net sales. (Do NOT enter your answer as a percentage fie, do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) 2020 Net income to net sales 2019

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