LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2820 2020 2019 Gross sales $19,200 515, 150 Sales returns and allowances 9ee 2ea Net sales $18,300 $15.50 Cost of merchandise (goods) sold 11 958 8,950 Gross profit $ 6,35e S6102 Operating expenses: Depreciation $ 722 5 610 Selling and administrative 2,350 2,10 Research 570 51e Miscellaneous $310 Total operating expenses 15 4020 $3.532 Income before interest and taxes 2,33a $ 2,57 Interest expense 580 520 Income before taxes $1,750 2,268 Provision for taxes 7ee 824 Net Income $ 1,050 $ 1,236 380 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2820 2020 2019 $12,100 $ 9, 12 16,600 12,6ee 8,600 14.20 24,100 10,120 $61,480 545,9ee 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 $14,6ee $11, 1ee 13,6ee 9,10 $ 28, 2ee $20,200 $89, tee 566,120 $13,100 $ 7.100 7.100 $ 20,200 $12,200 5.100 22,100 20.600 $42.300 $32,800 $21,100 $21,100 26, 2e0 12,280 $47.300_533,3ee $89,680 566,10 Calculate the total debt to total assets ratio (Do NOT enter your answer as a percentage lite, do not move the decimal two places to the right). Enter it as a proportion rounded to the nearest hundredth.) Total o total strato 2020 2019