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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $15,000 $19,000 1,000 $18,000 12,000 $ 6,000 Sales
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2020 2019 Gross sales $15,000 $19,000 1,000 $18,000 12,000 $ 6,000 Sales returns and allowances 100 $14,900 9,000 Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative $ 5,900 $ 2,200 550 360 700 600 2,000 Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 500 300 $ 3,400 $ 2,500 $3,810 $ 2,190 560 $ 1,630 640 500 $ 2,000 800 Net income $ 990 s 1,200 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Assets LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2820 2020 2019 Assets Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land $ 12,000 $ 9,000 16,500 8,500 24,000 $ 61,000 $ 45,500 12,500 14,000 10,000 $ 14,500 $ 11,000 13,500 $ 28,000 $ 20,000 $ 89,000 $ 65,500 9,000 Total plant and equipment Total assets Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities $ 13,000 $ 7,000 7,000 $ 20,000 $ 12,000 5,000 22.000 $ 42,000 $ 32,500 20,500 Stockholders' Equity s 21,000 $ 21,000 12,800 $ 33,000 $ 65,500 Common stock Retained earnings 26.000 $ 47,000 Total stockholders equity Total liabilities and stockholders equity $ 89 0c0 Prev 8 of 10 Next> Calculate the total debt to total assets ratio. (Enter your response as a decimal rounded to 2 places.) 2020 2019 Total debt to total assets ratio
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