LOGIC COMPANY
	Comparative Income Statement
	For Years Ended December 31, 2017 and 2018
		2018			2017
	Gross sales	$	23,800		$	18,600
	Sales returns and allowances		1,000			100
	Net sales	$	22,800		$	18,500
	Cost of merchandise (goods) sold		10,800			7,200
	Gross profit	$	12,000		$	11,300
	Operating expenses:
	Depreciation	$	1,180		$	840
	Selling and administrative		5,800			4,400
	Research		1,030			740
	Miscellaneous		840			540
	Total operating expenses	$	8,850		$	6,520
	Income before interest and taxes	$	3,150		$	4,780
	Interest expense		1,040			740
	Income before taxes	$	2,110		$	4,040
	Provision for taxes		844			1,616
	Net income	$	1,266		$	2,424

	LOGIC COMPANY
	Comparative Balance Sheet
	December 31, 2017 and 2018
		2018			2017
	Assets
	Current assets:
	Cash	$	11,100		$	8,100
	Accounts receivable		15,600			11,600
	Merchandise inventory		7,600			13,100
	Prepaid expenses		23,100			9,100
	Total current assets	$	57,400		$	41,900
	Plant and equipment:
	Building (net)	$	13,600		$	10,200
	Land		12,600			8,100
	Total plant and equipment	$	26,200		$	18,300
	Total assets	$	83,600		$	60,200
	Liabilities
	Current liabilities:
	Accounts payable	$	12,100		$	6,100
	Salaries payable		6,100			4,100
	Total current liabilities	$	18,200		$	10,200
	Long-term liabilities:
	Mortgage note payable		21,100			19,600
	Total liabilities	$	39,300		$	29,800
	Stockholders Equity
	Common stock	$	20,100		$	20,100
	Retained earnings		24,200			10,300
	Total stockholders equity	$	44,300		$	30,400
	Total liabilities and stockholders equity	$	83,600		$	60,200

Calculate net income (after tax) to the net sales. (Round your answers to the nearest hundredth.)

Net Income to Net Sales

2017:

2018: