LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560 500 $ 1,630 $ 2,000 640 800 Net income $ 1,200 990 LOGIC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2019 2020 Assets EOGTC COMPANY Comparative Balance Sheet December 31, 2019 and 2020 2020 2019 Assets Current assets: Cash 12,000 $ 9,000 16,500 8,500 24,000 61,000 $ 45,500 12,500 14,000 10,000 Accounts receivable Merchandise inventory Prepaid expenses Total current assets Plant and equipment: Building (net) Land 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 : $13,000 $ 7,000 7,000 $ 20,000 $ 12,000 Accounts payable Salaries payable Total current liabilities Long-term liabilities : Mortgage note payable Total liabilities 5,000 22,000 20,500 $ 42,000 $32,500 Stockholders' Equity $ 21,000 $21,000 12,000 Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 26,000 $ 47,000 $ 33,000 $ 89,000 $65,500 Calculate net income (after tax) to the net sales. (Round your answers to the nearest hundredth.) 2019 2020 Net income to net sales